Wednesday, December 3, 2008

The Fed Chairman Ponders, Be Afraid

From Bloomberg
Fed Chairman Ben S. Bernanke and his colleagues may cut interest rates further and consider adopting less conventional policies when they meet Dec. 15-16.
Er, interest rates are already so effectively close to zero that cutting them more isn't even a useful symbolic act. As to the idea of "unconventional policies" - since it's a safe bet Bernanke would never be so unconventional as to tout free market policies - this has to strike fear in the heart of any rational investor.

And yet, Black Friday sales were up by several percentage points. It's a crazy world.

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