Let me start by saying I'm glad to see the Feds finally getting the message that Joe Sixpack is hurting out there, but I'm still not convinced they are implementing the right programs, or that they really have our best interests in mind. Those that know me know I'm a 12-yr addict of CNBC, and I enjoy their rhetoric, especially from Rick Santelli (the Bond Expert). This morning, the Fed lowered the Fed Funds rate by 3/4 points, which is a drastic cut, not only for the amount, but also for the timing (it's the first intrameeting cut since shortly after 9/11, so you can only imagine how serious this is). CNBC brought in all the big guns for the breaking news -- they even had a live cut-in of Maria the Money Honey currently "on assignment" from Davos, Switzerland (Maria looked very annoyed and very cold, but she knows she needs to take all the face time she can get, especially given the recent competition from "the new girl" Erin Burnett). What really bothered me was the mad talk from the Mad Money Man himself, Jim Cramer -- he was constantly shouting about "deflation" this and "deflation" that. Makes me wonder: Jim, have you EVER been to a supermarket lately? Do you have any idea how much a gallon of milk is today? Or a loaf of bread? Or a dozen eggs? Or a gallon of gas? These are the issues that we all face, but Wall Street is oblivious. Of course, you can't blame them, they are programmed to focus on profits and dividends and earnings per share, so naturally they support any incentive that benefits US corporations. It's the American Way -- and as a Poli Sci grad/wonk, I get it. But Wall Street missed the boat this time. Hey, Lawmakers and Wall Streeters -- want to know what will re-start the economy? Provide ground level incentives to Americans by way of subsidizing the cost of consumer perishables and everyday commodities. I don't care if I can get a price break on a new computer -- I need a price break on consumables and energy costs so that I'll have extra cash in my pocket for discretionary spending!
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