The Fed Is In Our Benchmark, Slashing Stuff, And It’s Getting Messy

by |
12/16/2008 6:15 PM |

Okay. The Times‘s homepage recently refreshed itself with a new, scary graph courtesy of Reuters. See our screen-grab above, carefully tucked away into our desktop “Pictures” folder so that, eventually, we can make a digital scrapbook about how screwed we are, for free. No need to spend our life savings on one of these books. But maybe it’s all going to be peachy! Because we are once again in a “new era,” reports the Times.

The Fed did something slightly more extreme than they were supposed to do in the first place, but hah hah it’s a good thing?… um. A number of “unorthodox new tools” were outlined by that bald kook Ben S. Bernanke, who really doesn’t have such a fantastic track record anymore. Also, someone who understands this better than we do noted that cutting interest rates in 2003-2004 was how we got into this shitocratic stinkhole in the first place. So, we’re fixing this thing by doing more of what broke it! Yessss! Let the dancing in the streets begin!

Fed Slashes U.S. Interest Rates to Basically Zero” [Wonkette]
Fed Cuts Benchmark Rate to Near Zero” [NYT]