Feds cut interest rates to nearly zero

I didn't get to comment on this the other day, not that anyone gives a shit about my opinion but the Fed lowered the interest rate to nearly zero, and it's bound to effect us all:

The Fed's decision to nudge its key fed funds rate to a range of zero to 0.25% — along with its plans to buy securities that are backed by mortgages — should mean lower consumer interest rates, particularly mortgage rates. Low mortgage rates mean that more people can afford to buy houses, which will help revive the moribund housing market. A drop in mortgage rates will also allow homeowners to refinance their loans at lower rates, easing some of the burdens of their debts.

Low rates also make it cheaper for companies to borrow and expand. That, in turn, is a powerful economic stimulus. Most major banks, including Bank of America and Wachovia, lowered their prime lending rate to 3.25% from 4% Tuesday...

Well, you have to hand to the government at least, they aren't sitting on their hands Herbert Hoover style, watching the unemployment rate hit double digits. Hopefully it will help.

But it should be noted there is a reason that they are lowering the interest rates so low. It's because the economy sucks more than balls it has in over 50 years. Just from my own anecdotal evidence, I know about 20 people who lost their jobs in the past 6 months. It's only going to get worse before it gets better...