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Politics : Politics for Pros- moderated
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To: Snowshoe who wrote (215388)8/11/2007 7:58:52 PM
From: Snowshoe   of 794094
 
Correction:

>>No, they didn't! Cramer was screaming for the Fed to "open the discount window", i.e. drop interest rates. They haven't done that yet, although there are rumors that it might happen soon...<<

Please disregard the above hasty comment. I just reviewed the technical jargon and Cramer's video again. Cramer screamed two demands in his meltdown video:

1) "Open the discount window!" Apparently that's what happened on Thursday and Friday when the Fed injected reserves via the emergency repo agreements.

2) "Cut the rates! Cut the rates!" My impression here is that Cramer wants Bernanke to cut the federal funds rate, which rose from 1.00% in 2003 to 5.25% today. The Fed reaffirmed the 5.25% rate earlier this week, but some are now screaming for an emergency rate cut by at least one full point. I think we'll see a raging debate about this in the coming days. Some will call it desperately needed, and others will call it an unwarranted bailout.

Intended federal funds rate
Change and level, 1990 to present
federalreserve.gov
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