Went the wrong way, and didn't make the toilet!
"Raye cut indicates fear of wider economic slump; Credit crunch prompts move central bank" by Louis Uchitelle/New York Times News Service December 12, 2007
The Federal Reserve cut a key short-term interest rate yesterday by one-quarter of a percentage point, to 4.25 percent, signaling its concern that the credit crisis might be gradually damaging the broader economy beyond housing.
Policy makers also cut the discount rate to 4.75 percent, from 5 percent, essentially encouraging bankers to borrow from the Fed to keep up their lending to consumers and businesses.
But investors reacted by sending the markets sharply lower, pushing the Dow Jones industrials down almost 200 points in just a few minutes."
Why is that Globe pick-up different from my NYT, reader?
I'm looking right at them both!
"Credit Crisis Prompts Fed to Roll Back Rates Again" by LOUIS UCHITELLE
The Federal Reserve cut its benchmark short-term interest rate Tuesday by a quarter of a percentage point, to 4.25 percent, and suggested that it would lower rates again if the credit crisis continued to damage not just housing, but the rest of the economy as well.
In an unusual move, which followed a sharp drop in the the stock market after the midafternoon announcement, Fed officials put out word that they might take other steps before the end of year to inject money into the banking system.
Meeting in Washington, policy makers also cut the discount rate, which is what banks pay to borrow directly from the Fed. The quarter-point cut, to 4.75 percent, was less than Wall Street had been counting on, and that helped set off a selling spree that sent the Dow Jones industrial average plunging 294 points, or 2.14 percent.
After the negative market reaction, Fed officials said they were actively looking at “creative” ways to help thaw credit markets."
They don't know what the fuck they are doing!
Bunch of SHIT-SPLATTERING BUSINESS LIARS is what they is!
