Thanks, Uncle Ben

Readers of this blog know that I've been obsessed with getting rates lower, even before the subprime crisis because I think inflationary pressures are still low. Unlike a lot of critics, I don't think Alan Greenspan's mistake was in lowering rates but was in failing to regulate unscrupulous lending practices. (Other regulators share the burden, too.) Despite the market rally today, I worry the cut won't stem the tide around the globe. But it's at least a start. I actually thought they might go higher than half a point, just to show how serious they were about a big cut and their willingness to react to a crisis that they were late in recognizing.