The Fed acts!
Posted 43 weeks 19 hours ago byThe Federal Reserve just cut the federal funds rate by 3/4 of a point. The rate is now 3.5 percent. With markets tumbling and confidence in the economy going wobbly, this was a bold and necessary move. Says Larry Kudlow: "The world is not coming to an end. Our free-market capitalist system goes through periodic corrections and cleansings. It’s the natural order of things. Things are going to be okay."
Thoughts
Predicted by McLaughlin
Submitted on January 22nd, 2008 by Monkey RobbLInterestingly enough, McLaughlin predicted exactly that rate cut at the end of the show a couple of Fridays ago. Obviously anyone who disagreed was "WRONG!!!"
[Side note, I haven't heard him throw out the W-word in years. That's just sad.]
The government needs to address its out-of-control spending and taxes. They also need to face up to the sound money issue. But a "stimulus package" is just a cynical political gesture that will just make the long-term problem worse.