AT THE MOMENT, the Fed’s rate cut isn’t doing the markets any good.
UPDATE: Kudlow comments.
ANOTHER UPDATE: Asian stocks tumble, dollar sinks.
David Bernstein: “I’ll say it again. I simply didn’t, and still don’t, understand how anyone could have thought that giving people, often people with terrible credit histories, mortgages with no money down and often with no documentation of income–and after an unprecedented increase in prices left the market especially vulnerable to a downturn in prices–was a good idea.”