Somebody REALLY Doesn't Want That Recession
The Fed just lowered interest rates by 3/4 of a point. So the predicted market crash is now a half-crash (only down 130 points or so).
Larry Kudlow's solution to this crisis on CNBC is to cut all taxes on capital gains and corporations. Amusing.
Meanwhile, you can cut interest rates to 0 and it's not going to help consumers buy everyone's crappy goods, or help people get credit. The economy's still going to contract, companies will still shed jobs.
The banks are way up today, expecting a bailout. You can only bail them out so much.
Labels: banking industry, economy, Federal Reserve, interest rates, recession