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Fed Cuts Rates - Stocks Tank Anyway |
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Tuesday, 11 December 2007 |
The federal reserve announced it was cutting interest rates again today - the third consecutive rate cut in the last few sessions. Wall Street had been awaiting, expecting, and almost demanding a rate cut - and to show the investors' gratitude, they started selling the minute it was announced. Although the rate cut should somewhat help individuals looking to acquire credit, the sense on the Street is that its "too little, too late." Many investors were hoping for a half-point cut, and a lot are still waiting for a government-sponsored mortgage bailout plan. Meanwhile, I'm trying to figure out when Wall Street became a socialist institution whose profits are wholly reliant on government and monetary policy.
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Last Updated ( Wednesday, 09 April 2008 )
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