Federal Reserve Chairman Ben S. Bernanke may be readying the deepest interest-rate cut in a generation as the central bank struggles to prevent a meltdown in financial markets and a recession. Traders predict the Federal Open Market Committee, meeting today in Washington, will lower the overnight lending rate by a full percentage point, based on futures prices in Chicago. (Bloomberg, Tuesday)
Still clinging to the fantasy that any good can come from economic tinkering. . .
FEE Timely Classic
Monetary-Policy Disasters of the Twentieth Century by Kirby R. Cundiff