Fed Cuts Discount Rate. Will Wall Street Stop Whining Now?


To listen to the parade of pity-me money managers who have rushed to CNBC over the past few weeks to bemoan the Fed’s heartless refusal to cut interest rates, you’d have thought the economy was in the depths of the Great Depression.  What had in fact happened?  The Dow had retraced a few months of gains.

The horror! 

When will folks in other industries get to go whining to a Fed chairman for a bail-out every time the gravy train slows–and, better yet, hide their ferocious self-interest behind wails of concern for the common man and greater good? 

“Ben, Ben, eBay has stopped increasing its search budget!  If this continues, millions of poor people will get fired, and everyone else will lose their homes!  Ben, please, please feel their pain!  Enter ludicrous bids on 12 million auctions next week, and stave off this catastrophe!”