To the Point

The Federal Reserve

With the increasing integration of the "real economy" and stock markets, all eyes were on Alan Greenspan today in anticipation of how deeply the Federal Reserve would cut interest rates to boost the economy. There's been a virtual deification of Greenspan thanks, in part, to an expanding American investor class willing to risk traditional savings in favor of market wealth. We weigh our changing perception of wealth, the latest Fed action, and the deification of Alan Greenspan with financial journalists, economic experts and the man who literally wrote the book on the Fed Chairman. (Matt Miller guest hosts.) Newsmaker: Return of the Blackouts - As rolling blackouts again hit California, Energy Secretary Spencer Abraham warns that inaction in the face of long-term energy needs threatens our national prosperity and security. Former Energy Secretary Bill Richardson agrees on the needs for long term solutions but questions the Bush administration's governance by "crisis management" Reporter's Notebook: Fred TV - Fred Medill couldn't have known that the entertainment he was planning for his bar mitzvah would make him an Internet sensation and Hollywood fixture. Now, thanks to a bit of moxie and chutzpah, the 14 year-old has achieved cult status as host of FredTV. He joins us to share his secrets of teen journalist stardom.