The central bank approved a cut to its lending rate to financial institutions to 3.25 percent from 3.50 percent, effective immediately, and created another lending facility for big investment banks to secure short-term loans.
The steps are “designed to bolster market liquidity and promote orderly market functioning,” the Fed said in a statement. “Liquid well-functioning markets are essential for the promotion of economic growth.”
The incompetency and ignorance of the Bush administration and its appointees is profound. It doesn’t take a rocket scientist to see that destroying the American dollar to save some corporation profits and lose our currency as the World currency of choice is a disaster. The Foreign investment money that used to flow into the United States as a safe haven and now flowing into Europe where interests rates are higher and money is getting stronger has helped contributed to the current mess.
Amen, brother!! My family was a staunch Republican — until Bush and his neocon buddies were let lose on the country. What havoc they have wrought on every front! You don’t mention the Iraq debacle, where we are involved in a civil war and TRILLIONS are being spent. The next Prez is going to be mired in this GOP Mess for at least the next 8 years.