[ClearCase_guy]

Essentially, this a Death Match for the central bank. The last time the Fed dropped rates twice in 10 days was the Panic of 1914. That year the New York Stock Exchange ceased trading for four and a half months.

Worst economy since 1914!!!!

[NeoCaveman]

Worst economy since 1914!!!!

Wilson's fault!?!

[arthurus]

If the government stayed out of things and responded by stabilizing the currency the result would likely be a sharp painful recession followed by a slow but steady recovery. When the Fed/government tries to steady things with wheels and levers it will likely convert that short deep recession into a real long-term depression as was the case in the 30s. That one didn’t really end until the 50s recovery and boom.