all the SEC’s machinations, couldn’t put the economy back together again.
My only response to this story letting us know the Fed thinks “economic woes” will continue despite its best (and that isn’t saying a whole lot right now) efforts — no shit.
From the link:
Even as Federal Reserve officials slashed their key interest rate to a record low and pledged to use other unconventional tools to fight the worst financial crisis since the 1930s, they still feared the economy would be stuck in a painful rut for some time.
Documents released Tuesday provided insights into the Fed’s historic decision to ratchet down its rate from 1 percent to near zero at its Dec. 15-16 meeting. In the first action of its kind in the Fed’s 95-year history, Fed Chairman Ben Bernanke and his colleagues created a target range for its rate, putting it at zero to 0.25 percent.
Despite the aggressive action, “the economic outlook would remain weak for a time and the downside risks to economic activity would be substantial,” according to the Fed document.
