Well! After their agressive three-quarter-point rate cut last week, the largest cut in 20 years, Fed chairman Ben Bernanke and his merry Board of Governors decided to cut the interest rate again today, by half a point, to 3 percent. “It is clear that the Fed has moved into a crisis-fighting posture,” David Jones, chief economist at DMJ Advisors, told the AP. Great! Meanwhile, Bush was just on TV, and he was extremely put out that the Senate was cockblocking the $146 billion stimulus package, which sailed through the House yesterday. Seriously, he was PO’d at the Senate. “”Ah I understand that people have got different opinions, and we welcome different opinions in Washington,” he said. “But they have a lot of ‘em.” Also, he really wants us to get that $300. “The sooner you get a check, the more likely it is that the stimulus package will break through and make a difference,” he said. Right? Give us our cash, dudes. We’ve got some credit-card bills that have minimum payments coming due.
Fed Cuts Interest Rates by 1/2 Point [AP]
$146 Billion Stimulus Plan Passes House [WP]