Bush Buddy Brings Balls

In an aggressive move to respond to economic concerns, the Fed lowered the interest rate by 0.75% and the discount rate by 0.75% on Tuesday. This move provides more currency liquidity and will make it easier for people to pay off credit card loans and other loans that are causing a great deal of hardship right now. It also will make more loans available to people that need them. Ben Bernanke deserves props for this aggressive move. Wall Street reacted favorably to it, as well as markets around the world. The housing and credit crisis in the United States has been seen to be a problem requiring definitive action, and Ben Bernanke and the Central Bank should be praised for having the guts to take significant action in quick response to the stock market troubles of the past few days. One might wonder why there wasn't more substantial action to help people until Wall Street started feeling the pain, but I'll stop now and leave a rare positive blog for a member of the Bush administration.