The Economy: How Low Can You Go?

What is even more amazing than the Federal Reserve cutting the benchmark interest rate to nearly zero is that this got so little coverage. Just another extraordinarily desperate move in extraordinarily awful times.

Although important as milestones go, the move was largely symbolic because the rate already had fallen nearly to zero because banks have been reluctant to do business. The bigger news is that the Fed announced it would print as much money as necessary to revive frozen credit markets and fight the recession.

New York Times graphic