This is simply nuts. Cutting to 0.25% or 0% is not going to resolve any problems other than the banks who will continue to get whatever they want since Congress - Democrats and Republicans alike - want nothing to do with helping out average Americans. It's all about giving away cash to Wall Street and the spineless wonders in Congress don't care at all.
The Federal Reserve cut its target for overnight interest rates to zero to 0.25 percent, bringing it closer to unconventional action to lift the economy out of a year-long recession.Sure. Anything you say Richard. This economy is a rudderless ship that's drifting and they threw out the option that has been proven to fail by the Japanese after their bubble. How many days until Bernanke is gone?
With the Fed's key rate now essentially zero, the central bank is moving into uncharted territory. Nonetheless, Fed Chairman Ben Bernanke has made it clear the Fed isn't running out of ammunition to fight the worst financial crisis since the 1930s.
It is exploring using tools—other than rate cuts—to revive the economy. New insights on that front could be revealed when Bernanke and his colleagues wrap up a two-day meeting Tuesday.
"The message is simply the Fed stands ready to do everything in its power to stop the economy's free fall," said Richard Yamarone, economist at Argus Research.
