Fed cuts interest rates

Hello! I'm Kristin Volk on this Tuesday, January 22, 2008 with today' UPI news headline.

The Federal Reserve has cut two key interest rates by three-quarters of a percentage point. The rate cut happened earlier today, just as stocks plunged at the opening bell. The Fed lowered its federal funds rate from 4.25 percent to 3.5. That rate affects how much people pay on credit card debt, home equity lines of credit and auto loans. It also lowered its discount rate three-quarters of a point to 4 percent. That rate determines what it costs banks to borrow directly from the central bank. This was the biggest rate cut by the Fed since October 1984.

Democratic presidential candidates Hillary Clinton and Barack Obama engaged in their most heated debate yet last night. Just minutes into the debate in South Carolina, the two exchanged sharp criticisms over health care and other issues. On numerous occasions, they interrupted each other and even turned to direct their responses to each other instead of a panel of moderators. Former Senator John Edwards tried to stay out of the heated exchange. South Carolina voters will go to the polls on Saturday for the first Democratic primary in the South.

Israel is allowing fuel and medical supplies into Gaza today after an earlier blockade left residents struggling with major power cuts. Last week, Israel closed all border crossings with Gaza after days of rocket attacks on the southern part of the country. That sparked massive protests and a fear from aid agencies that the move could turn into a humanitarian crisis.

President Bush marked the Martin Luther King holiday yesterday with a visit to Washington's downtown library named after the historic individual. The President, First Lady and D.C.'s mayor participated in a lesson for a handful children. Bush posted pictures on a bulletin board and taught the students how King fought to change unfair laws.

That's all for now. Thanks for watching today's headline, and check out upi.com for all of your day's news.

Category:

News & Politics

Tags:

• Federal
• Reserve
• interest
• rates
• economy
• recession
• Barack
• Obama
• Hillary
• Clinton
• debate
• attack
• Gaza
• Israel
• King

[stevenstreets3]

Not in and of itself but any monopoly is dangerous and illegal and the fed has a monopoly on the money. The Costitution mandates a bicameral precious metal legal tender system of gold AND silver so no one can monopolize the money and use it to corrupt the government of the people against the people.Article One section 8 and 10 seals legal tender power in the states and requires they make nothing but the hard metal itself legal tender and that congress must mint it as a lockbox check and balance.

[EraofAwakening]

What makes Australia so safe?

[EraofAwakening]

So for every dollar loaned to the US we owe 3.50 on that dollar? The international bank Federal reserve lent us 100 bill last year. 150 billion this year. So we owe international bankers 875 billion dollars. Am I about right? Plus the fact our shitty legal tenders worth is judged by how much is in circulation, the fact they are inflating the current value with throwing more in will make it harder if not impossible to pay back.

[wawbwc]

newenglandvideo. At the YouTube 'Search' type in "Fiat Empire". Look for, the FED IS Unconstitutional 1 0f 6. Watch all 6 videos.

[newenglandvideo]

The Federal Reserve is illegal? Huh?

[wawbwc]

When will Hillary Clinton & Barack Obama address the fact that the Federal Reserve is unconstitutional and illegal?

[garyowen4ever]

were are in for a near miss or maybe the big one on 2033,,,,,,ele,,,,ELLIE,,,,nasa wont admit to it for obvious reasons,,,so none of this has much worth going forward.

[gizmosells]

Elites in Europe are coaking on thier wine and cheese, but the hegdophiles will try to hid thier fraud. Mexican style bailout by taxpayers is coming lol.