Despite market turmoil, a plunging stock market, the predictions of many investors and vocal calls for interest rate cuts from traders, the Federal Open Market Committee left its interest rate target at 2 percent this afternoon.
Our favorite take on this was from MarketWatch. "Just as it had over the weekend to Lehman Bros. and AIG, the Fed said, 'No, you are on your own,'" MarketWatch said.
DealBreaker readers correctly predicted this move, with 58 percent voting for that the Fed would hold steady.
Should the Fed have cut? Or was this the right move? Let's do another poll on this. Vote after the jump.
Posted by Rex Bannister , Sep 16, 2008 2:45PM
mayo, bitch!
Posted by guest , Sep 16, 2008 2:46PM
Old news.
Posted by guest , Sep 16, 2008 2:47PM
ummm...that was like 20 minutes ago, right?
Posted by guest , Sep 16, 2008 2:47PM
if the federal reserves is accepting equities at the discount window do rate cuts still matter?
Posted by guest , Sep 16, 2008 2:49PM
Cramer is talking about passing the hat to save AIG - anyone prepared to put money into the hat? If so how much?
Posted by guest , Sep 16, 2008 2:50PM
I'd like to hear (not see) jim cramer and the gasbag 69 each other.
(in case you don't get where i'm going with this, there'd be silence due to a dick in each of their mouths)
why don't they both jump out the window?
Posted by guest , Sep 16, 2008 2:51PM
Way to stand pat Ben!
Way to draw a line in the sand!
Posted by guest , Sep 16, 2008 2:51PM
Cramer is talking about passing the hat to save AIG - anyone prepared to put money into the hat? If so how much?
Posted by guest , Sep 16, 2008 2:51PM
So what happens to Lehman equity research?
Posted by DrederickTatum , Sep 16, 2008 2:53PM
Someone had to put his foot down... and that foot was Bernanke
Posted by BSD , Sep 16, 2008 2:54PM
Ben did the right thing...but I hope the "person" who said they're bailing out AIG is a full of shit. Doubt it though. Timing is too perfect...
Posted by guest , Sep 16, 2008 2:54PM
@4 rofl!!
Posted by guest , Sep 16, 2008 2:55PM
The Fed needs to stop issuing a target rate altogether.
Posted by guest , Sep 16, 2008 2:58PM
@12:
I'm not even kidding. it doesn't make any sense. If the fed is accepting random scraps of paper in exchange for reserve requirement then there is no reserve requirement!
Posted by guest , Sep 16, 2008 2:59PM
@4 rofl!!
Posted by guest , Sep 16, 2008 3:00PM
@12 With all the liquidity pumped into the system the past 24 hours to get it down from 6% yesterday (at one point), you're right, what's the point of a target if the Fed can't hold the line right now?
Posted by guest , Sep 16, 2008 3:04PM
@13
they need they need a target, so that people know they have target. Its the ole jedi mind trick. Without a target in a fiat currency you have hyper inflation.
Posted by guest , Sep 16, 2008 3:34PM
I'll contribute $0.69 and not a penny more
Posted by guest , Sep 16, 2008 3:57PM
@ 17 you might want to re-read Adam Smith there, Mr. Keynes.