The weblog of Joshua Drescher

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In case of emergency.

January 22nd, 2008 · No Comments · Politics

Kudos, it seems, are in order for Fed Chairman Ben Bernanke and his emergency .75% rate cut this morning. As of noon, the Dow has made back 2/3 of what it lost upon opening this morning and the handful of other stocks I keep an eye on have regained most of their value from last week’s close. Obviously, we’re nowhere near out of the woods yet, but Bernanke seems to have managed to stop the wave of panicked sell-offs that bludgeoned world markets yesterday.

Let’s hope this works out relatively long-term as, with the benchmark interest rate at 3.5% now, I don’t know that we can expect (or sustain) any more cuts in the near future.


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