"And though tyranny, because it needs no consent, may successfully rule over foreign peoples, it can stay in power only if it destroys first of all the national institutions of its own people."

Wednesday, October 31, 2007

Fed Cuts Interest Rates Again

The Federal Reserve just recently cut interest rates by .25% to 4.5%, a quarter less than what was feared earlier this week, in order to 'bail out' the credit and housing markets. The Dollar has already fallen to more all-time lows this week due to the fears of a rate cut, gold is about to surge above 800, and oil is now at $94. Again the Fed puts irresponsible people and the big bankers and money makers ahead of common citizens and our national currency. Hello inflation.

"The pace of economic expansion will likely slow in the near term, partly reflecting the intensification of the housing correction," the Fed said in a statement announcing its decision.

The central bank said its action was designed to help "promote moderate growth over time."

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