I don't know about Mike, but the House JEC chair is asking for a coordinated rate-cut by G-3. Who knows, he might even get it! Very clever, he wants to do it along with others so that they won't dump the dollar. But, excuse me, in Japan rates are already near zero.
-MMV
Thursday September 3, 5:10 pm Eastern Time
U.S. Congress panel calls for G3 interest rate cut
WASHINGTON, Sept 3 (Reuters) - The chairman of the Joint Economic Committee of Congress called on Thursday for the United States, Japan and Germany to cut interest rates as part of an initiative to cope with global financial turmoil.
JEC Chairman Jim Saxton said in a statement these cuts should be accompanied by continuing the U.S. monetary policy of price stability, U.S. tax cuts, a reform of the International Monetary Fund and Japan adopting pro-growth policies.
''A coordinated interest rate cut should be implemented by the G3 central banks,'' he said. ''A prudent cut in interest rates would be insurance against world deflation and also would be consistent with price stability.''
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