Listen to Alex Jones
  • Midas Resources

    Listen to Alex Jones

    Listen to Alex Jones

    • Prison Planet.tv
    • Pre-Order The Obama Deception
  • Fed orders emergency rate cut to 1.5 percent

    JEANNINE AVERSA
    AP
    Wednesday October 8th, 2008

    The Federal Reserve, acting in coordination with other global central banking authorities, cut a key U.S. interest rate by half a percentage point Wednesday to steady an economy teetering on a collapse reminiscent of the 1929 stock market crash.

    Fed Chairman Ben Bernanke and his colleagues ratcheted down their key rate by 0.5 percentage point to 1.5 percent. The action revives the central bank’s rate-cutting campaign which had been halted in June out of concerns that those low rates would worsen inflation. Since then, however, economic and financial conditions have dangerously deteriorated, forcing the Fed to reverse course.

    The fact that the Fed felt it couldn’t wait until its regularly scheduled meeting on Oct. 28-29, underscored the urgency of the situation.

    The Fed took the action in a coordinated move with other central banks, which also were cutting their rates.

    “The pace of economic activity has slowed markedly in recent months,” the Fed said “Moreover, the intensification of financial market turmoil is likely to exert additional restraint on spending, partly by further reducing the ability of households and businesses to obtain credit.”

    Full article here

    Prison Planet.tv Members Can Watch Fall Of The Republic Right Now Online - Don't Miss Out! Get Your Subscription Today!

    Survive

    CANCER CONSPIRACY? Are "they" suppressing the cure? Will YOU be the next victim? Learn the Secret Truth! - READ FULL STORY

     

    • Social bookmarks
    • Social bookmarks
    • Email this article
    • Email this article
    • Print
    • Print this page
    Comment Terms Of Use

    Comments are closed.