Home › Forums › Housing › Fed cuts discount rate by 50 basis point. › Bernake is an idiot. One of
Bernake is an idiot.
One of the FED governors had promised to cut the rate if there is a "Calamity". Run on Countrywide (and I read a bit on ETRADE too) was a "Calamity". Having seen S&L, I agree with him that a run on a major bank is a Calamity.
