Another interesting point from the daily AP report is that it appears the Fed’s desperate measures to pull out of a financial decline are failing:

“There is a growing sense that the Fed is trying to pull out all the stops and use all the tools they have but with little net effect,” he said. “It just doesn’t appear to be the quick-fix that investors had been hoping for. What we’ve seen is people continuing to press very bearish bets.”

While they may proven correct, I find this a little comical. It takes at least 6 months for rate cuts to ripple through the economy. We won’t know that the initial cuts have failed until at least the second half of 2008. It will be 2009 before we can confirm that the Fed is pushing on a string.