Out With A Whimper

So long as we continue to trust the people, our nation will prosper, our liberty will be secure and the state of our union will remain strong.
     — George W. Bush, Final State of the Union Speech, Jan. 28, 2008

• • •

A Wing And A Prayer

U.S. Federal Reserve Chairman Ben Bernanke responded to worldwide stock market declines of 5% Monday with a 75 basis-point cut in the Fed Funds rate Tuesday morning. The Fed’s largest single rate cut in 23 years was more notable for its coming just a week before the regularly scheduled meeting of the Fed Board of Governors on January 30.

• • •