Those who would give up Essential Liberty to purchase a little Temporary Safety, deserve neither Liberty nor Safety.

- Benjamin Franklin

Federal Reserve Joins Panic: NO CORRECTIONS ALLOWED

The Federal Reserve, confronted with a global stock sell-off fanned by increased fears of a recession, slashed a key interest rate by three-quarters of a percentage point on Tuesday and indicated further rate cuts were likely. [Read]

You would like to believe the Federal Reserve is thoughtful, cautious, pragmatic and not prone to reactionary panic. You would like to think as much, but then you would have to ignore their actions.

Cheap money, here we come again, and fast. Anything they can do to help refloat the bubble. NO CORRECTIONS ALLOWED.

Government cannot truly believe in the free-market, since it is the antithesis of their purpose and make their irrelevance too clear.

posted at 10:35:32 on 01/22/08 by clearpolitics - Category: Economics - [Permalink]

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