After yesterday’s afternoon collapse, the Federal Reserve came through on promises to reduce rates this morning, announcing a half-percent cut. At the same time, the Bank of England, European Central Bank, and the central banks of Canada, Switzerland, China, and Sweden announced rate cuts in a broad move to stave off a (further) global economic crisis. “The committee took this action in light of evidence pointing to a weakening of economic activity and a reduction in inflationary pressures,” the Fed said in a statement after a unanimous vote for the measure. Already European markets are reflecting the move and are stemming losses, and the S&P 500 futures index indicates U.S. markets will open up 2 percent.
Thanksgiving, Christmas and then maybe a few weeks into January — that’s when you really gotta sit down, talk to your advisers and say, ‘Look, do I have a chance?’ I think I know why I would want to run. I think I know what I think this country should do and what I would do. But I just don’t know whether it’s possible.