For the first time since the markets reopened after September 11, the Federal Reserve today stunned Wall Street by making an emergency cut in interest rates. In 2001, it was a half a percentage point; today it was three-quarters, a week earlier than expected, and bigger than any such cut since 1982. The Dow plunged anyway, then went back up in supposedly hard-hit sectors, including home-repair and high finance. Overall, the markets were down. Is a recession around the corner or already here? The White House and Congress are working up a "fiscal stimulus package." Will it make things better or worse? What's the role of election year politics?
Tom Petruno, Business Reporter, Los Angeles Times
Gus Faucher, Director of Macroeconomics, Moody'sEconomy.com
Stephen Moore, Heritage Foundation
Jared Bernstein, Center on Budget and Policy Priorities (@econjared)
David Lightman, McClatchy Newspapers (@LightmanDavid)