Tuesday, February 05, 2008

Interest rates are down... but who's lending?

Paul Krugman wins the "downer-of-the-day" award... but he's got a point, this current credit crunch sucks worse than a bunch of the previous ones.

Which to my mind raises a question about the Fed... what is the use of cutting interest rates of no one is lending? The current economic malaise was caused by too much cheap money, not a need for more of it.

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