Tuesday, March 18, 2008

Hold on to your butt...

If Bernancke could, he'd make it -1.5%...and it still wouldn't help...
WASHINGTON - The Federal Reserve, continuing an aggressive series of actions to try and right the struggling economy, cut a key short-term interest rate three-quarters of a point Tuesday to its lowest level in three years.

The central bank cut the federal funds rate, which is used as a benchmark for a wide variety of business and consumer loans, to 2.25 percent from 3 percent. It was the third time the Fed had cut the rate this year, and marked the sixth time the Fed has cut the rate since the economy began to sputter late last summer, when the fed funds rate was at 5.25 percent.

Here, this will distract you from the pain:

While grappling with MSNBC and CNN for viewers, Fox News has also been battling a smaller, more insidious enemy closer to home: bed bugs in its Midtown Manhattan newsroom. In an interview on Monday, Warren Vandeveer, senior vice president for operations and engineering at Fox News, said the cable channel had realized it had a problem a few weeks ago, when an employee “caught a bug and showed it to us.” An exterminator determined that the incursion was limited to a “very small area in the newsroom.” But the source of the bugs was not determined until the exterminator inspected the homes of about 20 employees. Mr. Vandeveer said the exterminator later described one employee’s home as having “the worst infestation he had seen in 25 years in the business.” After making large bags available for employees to stash their belongings, and replacing a number of fabric-covered desk chairs, Mr. Vandeveer said that the treatments had ended about a week ago, and that the problem had been contained. “It’s totally eradicated,” he said. [ h/t to Think Progress]

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