Fed Approves Reduction In Discount Rate - washingtonpost.com

I guess Bernake is making a put. Not necessarily the smartest thing I've seen. He should have let the market shake itself out for another day or two.

There are two reasons that this scares me. First, are things are far worse than reported? Even a quarter point move would have bounced markets, but why is he cutting rates by a half point?

As my friend says, When in doubt, stay out.