US rate cut decried as 'socialism for Wall St' - ABC News (Australian Broadcasting Corporation)

US rate cut decried as 'socialism for Wall St' - ABC News (Australian Broadcasting Corporation): "A timely correction or an encouragement to further irrational exuberance? Opinion is divided on the United States Federal Reserve's decision to slash official interest rates by 0.5 per cent. Stockmarkets around the globe rallied on the news - the cut was deeper than they had been expecting. The Fed justified it on the basis that the global credit crunch threatened to intensify the serious US housing downturn. But some doubt that the intervention will stop a recession. Others argue that it will make matters worse."