After Citi Bank now Its Time for Bank of America and Wachovia .There 4Q profit falls sharply.
couple of days ago i started this thread on recession but i am realizing .Lets wait and watch policy.It is not that bad as it seems to be There are ways to pull this economy back.But can Stupid Bush and his idiots do it.
Fed Cuts Interest RateTuesday January 22, 8:31 am ET
By Martin Crutsinger, AP Economics Writer
Fed Cuts Interest Rate Amid Global Stock Sell-Off and Fears of Recession
WASHINGTON (AP) -- The Federal Reserve,
confronted with a global stock sell-off fanned by increased fears of a
recession, cut a key interest rate by three-quarters of a percentage
point on Tuesday, the biggest one-day move by the central bank in
recent memory.
The
Fed said it was cutting the federal funds rate, the interest that banks
charge each other on overnight loans, to 3.5 percent, down by
three-fourths of a percentage point from 4.25 percent.
The Fed
action was the most dramatic signal it can send that it is concerned
about a potential recession in the United States. It marked the biggest
one-day move by the central bank in recent memory.
The Fed
decision was taken during an emergency telephone conference with Fed
officials on Monday night. Those discussions occurred after global
financial markets had plunged Monday as investors grew more concerned
about the possibility that the United States, the world's largest
economy, could be headed into a recession.
In a brief statement,
the Fed said it had decided to cut the federal funds rate "in view of a
weakening of the economic outlook and increasing downside risks to
growth."