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The other major news of the day was made by the Federal Reserve Board. It cut short term interest rates to 3.0% . "If you are wondering how unusual it is for the Fed to cut interest rates by 1.25% in a week and a half," mused ABC's Betsy Stark (embargoed link) , "the answer is: 'It is unprecedented.'" She called the monetary stimulus "strong medicine" and repeated the Fed's litany of the economy's woes from falling financial markets to tight credit, from home sales to a lack of jobs. CBS' Anthony Mason noted that the "meager" growth in the Gross Domestic Product--up just 0.6% in 4Q07--was the slowest since the end of the last recession five years ago.
Just as CBS' Ben Tracy did yesterday, ABC's Lisa Fletcher got on the Repo Bus. Fletcher joined a tour of would-be homebuyers in San Diego where they see only already-foreclosed bank-owned condominiums selling at deep discounts. The bear market in housing has led rookie realtors to scrap their For Sale signs, noted NBC's Janet Shamlian: "Hardest hit are women reentering the workforce and twentysomethings looking to cash in on the boom. Many have left, leaving longtimers behind."
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