Wednesday, January 23, 2008

what recession.....

This was the first part of an article on Yahoo yesterday morning:

Federal Reserve Cuts Interest Rate Three-Quarters of a Point to Try to Head Off Recession

WASHINGTON (AP) -- The Federal Reserve unexpectedly slashed a key interest rate by a bold three-fourths of a percentage point on Tuesday, responding to a global plunge in stock markets that heightened concerns about a recession. The Fed signaled that further rate cuts were likely.

I was a little surprised that Bernanke took such drastic measures, especially since this was an unplanned meeting that took place Monday night by video conference. Rate cuts have been expected, but not by this much all at once.

While at lunch, I heard that almost $100 million will be bet on this year's Super Bowl. And that's just the piece from the Las Vegas Hilton. The guy from the Hilton said that this represents only 1 1/2 - 2% of the total money that will be wagered on the Super Bowl this year. So if my math is correct, that means the total amount bet for the Patriots/Giants game will reach somewhere around $5 BILLION dollars.

Only in America could you be on the brink of recession and still have people with money like that "left over" to gamble.....

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