Who Will Gain from the Fed's Interest Rate Cut?

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In the wake of the sub-prime lending crisis, Ben Bernanke's Federal Reserve revived the stock markets this week by cutting interest rates. The move was reminiscent of Alan Greenspan, who was accused of creating "bubbles" by bailing out unwise investors all too often. Meantime, at his news conference today, President Bush was asked about a recession. Although he conceded there are problems, he affirmed that the economy is strong because of his tax cuts—with low inflation and unemployment, strong profits and steady markets. What will the cuts mean for middle class people who want to buy homes or hold on to the ones they have? What about the economy?




Warren Olney