Fed Reduces Lending Rate Between Banks
The Federal Reserve has reduced the Lending Rate between banks to a level that is actually 0 percent. This should give everyone pause on the seriousness of the present state of our economy. It would appear that any additional economic stimulus may come from an increase in government investment into infrastructure and other public works. This is clear a gigantic period of correction for everyone, consumers, banks, and other institutions. The problem so far though, is that the average consumer still isn't getting any bailout, there is still little foreclosure relief in the state of Florida, and bankruptcy remains for the consumer in many cases the most viable option for handling their debts. Many consumers may also find themselves getting a Christmas present in the mail from their credit card companies- a notice of credit card cancellation or a significant credit line deduction, just in time to perhaps freeze up the month of January in more ways than one.
