The Upsides of Market Turmoil

The NY Fed pumps $50B into the economy BEFORE meeting to discuss another rate cut now how absurd is that??? Wouldn't it had made sense to wait till after the meeting and work in tandem and possibly (pardon my language) adopt a plan??? Dropping the Fed rate to 1.75% invites catastrophy by murdering fixed income retirees (Yes, the retirees spend tons of REAL money not plastic) thereby reducing the impact of cash into the economy in favor of credit, what goes??? It would be better to reward the savers with a 1/4 point increase to facillitate increased REAL money spending rather than highly likely to default credit spending by the gadget goons. The cell phone wearing Ipod crowd did not build the American economy, they destroyed it thus it is now time to get back to basics and let them rebuild it the right way, slowly with savings, paying cash after saving for what we want and in short being responsible. The Fed needs to learn it is responsible people who build strong economies not the babbling babies on cell phones!!!

Ray Fisher of NM 2:04PM September 16, 2008