Bernanke Cuts Interest Rate; Dow Drops, Goes Up Again
After a fraught holiday weekend in which the European and Asian stock markets dropped in response to Wall Street’s weakened state, and the nation grew near-hysterical with recession fears, the Fed finally stepped in this morning with an unprecedented eleventh-hour rate cut, to 3.5 percent. But was it too little too late? At first it appeared to be so: In the first half-hour of trading this morning, the Dow was down by 450 points. Now it’s hovering around 300, and analysts on CNN are encouraging a glass-half-full attitude. “This is not the biggest market drop ever, this is a steep drop and it’s coming after a couple weeks of steep drops,” one just said. “For the market to even close, to halt trading, we would have to see a drop of 1,350 points in the Dow Industrials.” Still, Asian and European markets remain volatile — and skeptical. “The dramatic reduction in the cost of money sends another worrying message to the markets,” London’s Daily Telegraph wrote this morning. “It says things are really looking very ropey indeed for the U.S. and by extension the global economy.”
Bed-Stuy Fires Back at the ‘Shwick!Bedford-Stuyvesant: Uh-oh. Bed-Stuy just upped the stakes in the blog battle between it and Bushwick. They even dis ‘shwick homegirl Rosie Perez. This is war, muthaf*ckas. [Bed-Stuy Blog]
Coney Island: So many people showed up last night at the first public meeting on the city’s plans for Coney that it had to be canceled for lack of space. Wow. This should be an epic novel. [Gowanus Lounge]
Jackson Heights: The hood’s got a new bulletin board! Where else will you learn where to get the area’s best pizza, Mexican cocoa power, and $5-or-under eyebrow threading? [Jackson Heights Life]
Tilda Swinton’s Halloween Costume Will Be Better Than YoursWe all know that starting tomorrow night, the subways will be filled with drunk people in costumes, all the way until Halloween on Wednesday. In case you’re still without costume inspiration, despite our best efforts to help your asses, we trolled last night’s Fashion Group International Night of Stars gala to ask celebrities what their costumes would be. “It won’t be from Ricky’s,” said Jane Krakowski, who has been wearing a fat suit on 30 Rock. André Leon Talley wrote our jokes for us. “I always go as myself,” he said. Not a bad idea: You can do it, too, readers: Just throw on your graduation robe and call yourself an “Editor-at-Large.” Princess Alexandra of Greece is dressing her 5-year-old son as Darth Vadar, but she recalled her most memorable costume? “My husband and I were once Catwoman and Catman or something,” she said. You mean — BATman? “I don’t know — we both wore matching cat masks.” We tried Tilda Swinton, another foreigner. “I’m from Scotland where Halloween was invented. We have very different traditions. I’m not really sure what the American tradition is,” she said. “I did see a woman on the subway the other day here who was looking through a very sexy lingerie catalogue, picking out her Halloween costume, but we don’t switch it that way.” Well, we explained, American girls like to look slutty. “Right. Well, I’m looking forward to it — when is it? Wednesday?” Sure is! “I think I’ll probably wear my birthday suit.” —Amy Odell
Get fashion tips from Jean Paul Gaultier, Mayor Bloomberg, and Joan Jett at our complete coverage of the Fashion Group International’s Night of Stars.