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Old McHugh isn't a happy bunny....

"The Federal Reserve chose to help the dollar, not the economy, which is ridiculous, as sooner or later they are going to have to give up on the dollar anyway, in order to prevent a deep recession. If this policy keeps up, a depression will not be out of the question. They blew it, and the market let them know it in spades Tuesday afternoon. Stocks dove on the news of a useless 25 basis point cut. Assuming the Fed policy makers have some semblance of competence, one explanation for only cutting 25 when the markets had clearly priced in 50, is that those in the know are so concerned about how bad things really are, they want to keep some powder dry, because a lot worse is ahead............"