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Politics : Welcome to Slider's Dugout -- Ignore unavailable to you. Want to Upgrade?

To: wildandwonderful who wrote (8451)	3/16/2008 7:45:35 PM
From: Kpain	Respond to of 50725

Unbelievable. Is this a suprise? It's Sunday for goodness sakes and Bush said we are not in a recession. Liar, Liar, pants on fire. Fed announces immediate, quarter-point rate cut By Jeannine Aversa, AP Economics Writer WASHINGTON — The Federal Reserve announced a series of new steps Sunday to help provide relief to a spreading credit crisis that threatens to plunge the economy into recession. The central bank approved a cut to its lending rate to financial institutions to 3.25% from 3.50%, effective immediately, and created another lending facility for big investment banks to secure short-term loans. The steps are "designed to bolster market liquidity and promote orderly market functioning," the Fed said in a statement. "Liquid well-functioning markets are essential for the promotion of economic growth." The new lending facility will be available to financial institutions on Monday. It will be in place for at least six months and "may be extended as conditions warrant," the Fed said. The interest rate will be 3.25% and a range of collateral will be accepted to back the loans. FIND MORE STORIES IN: Federal Reserve \| JPMorgan Chase \| Bear Stearns Cos The Fed also approved the financing arrangement announced Sunday by JPMorgan Chase & Co. and the Bear Stearns Cos. Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.