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Fed CUTS discount rate

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The Federal Reserve, declaring that increased economic uncertainty poses risks for U.S. business growth, announced Friday that it has approved a half-percentage point cut in its discount rate on loans to banks. The action was the most dramatic effort yet by the central bank to restore calm to global financial markets.

Of course, this cut only benefits banks and financial institutions (i.e., Wall Street) don’t expect that this cut to have any influence on your personal finances. Sorry, the Fed is protecting first their friends, the American public can wait…

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Franklin @ August 19, 2007

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