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 Rate
Tuesday 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."