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.
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mayo, bitch!
Old news.
ummm…that was like 20 minutes ago, right?
if the federal reserves is accepting equities at the discount window do rate cuts still matter?
Cramer is talking about passing the hat to save AIG – anyone prepared to put money into the hat? If so how much?
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?
Way to stand pat Ben!
Way to draw a line in the sand!
Cramer is talking about passing the hat to save AIG – anyone prepared to put money into the hat? If so how much?
So what happens to Lehman equity research?
Someone had to put his foot down… and that foot was Bernanke
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…
@4 rofl!!
The Fed needs to stop issuing a target rate altogether.
@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!
@4 rofl!!
@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?
@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.
I’ll contribute $0.69 and not a penny more
@ 17 you might want to re-read Adam Smith there, Mr. Keynes.