Tuesday, December 11, 2007

Oh the irony!

Via CNN Money - Fed cuts rates by a quarter point
The Federal Reserve lowered an important short-term rate by a quarter of a percentage point Tuesday, the latest in a series of rate cuts that the central bank hopes will stimulate an economy some fear is on the brink of a recession.

But stocks plunged following the Fed's announcement as Wall Street was disappointed the Fed did not act more aggressively. The Dow dropped nearly 300 points, or 2.1 percent, while the S&P and Nasdaq each fell about 2.5 percent.
No real commentary on the issue, as I avoid discussions of economics at all cost, but I found the reaction ironic. I guess you just can't please Wall Street.

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