Fed Slashes, Economy Crashes

Hope you got a big pay raise this year because your money just got a lot cheaper. The Federal Reserve Bank in its seemingly infinite stupidity dropped the Federal Funds Rate again this week. Wall Street gained around one percentage point the next day and quickly gave up almost three percentage points the day after that. Today it was basically flat. Not that day-to-day fluctuations in the Dow make a whit of difference, but they are useful as an indicator: The Fed devalued our money again to prop up the shell game on Wall Street, and Wall Street responded by slouching. This is not a hopeful sign.

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