Fed Hits ‘Calamity’ Panic Button

On Wednesday, William Poole, FOMC voting member and president of the St. Louis Fed said only a ‘calamity’ would justify a rate cut before their September meeting. Today, the Fed cut its discount rate by a half-point and it’s obvious the funds rate isn’t far behind.

Oh, Bill, say it ain’t so.

Update: see Housing Panic’s take on this one, and the guys at Fool tell you why you should be terrified.