ONLY AMERICA CAN LEAD:

Fed, ECB, Central Banks Lower Rates in Coordinated Reduction (Scott Lanman, 10/08/08, Bloomberg)

The Federal Reserve, European Central Bank and four other central banks lowered interest rates in an unprecedented, emergency coordinated bid to ease the economic effects of the financial crisis.

The Fed cut its benchmark rate by a half point to 1.5 percent, the central bank in a statement. The ECB and central banks of the U.K., Canada, Sweden and Switzerland are also reducing rates, the Fed said in a statement.

Watching the Europeans try to pull themselves together makes Congress look a whole lot better.

Posted by Orrin Judd at October 8, 2008 6:21 AM