We’re all subprime now, so says the general consensus by economists while the Fed bails out Bear Stearns and provides corporate welfare to the tune of over $13 billion daily $28 billion in just three days. How did this happen, I and David Leonhardt ask? Steve Randy Waldman tries to explain it to us: Alice, [...]
Fed cuts rates, again, this time by a half-point, dropping its short-term interest rate to 3% for a total of a 1.25% cut in eight days.
The Federal Reserve announced Tuesday morning the biggest one-day reduction of interest rates on record, by three-quarters of a percentage point to 3.5 percent. I read the news with great interest, having just digested a lengthy article on Ben Bernanke, the chair of the Fed as of 2005, in the Sunday NYT. I learned three [...]