yeah but now people are losing their jobs - 15000 at Intel alone. that sort of news paralyzes people. Fed appears to be behind thw curve - so i expect worries about economy to grab headlines for a while.
https://www.youtube.com/watch?v=B_nGEj8wIP0
Milton Friedman
Recorded at University of San Diego & San Diego Chamber of Commerce ©1978
27:16 min
"In the United States, we have also had, and in most countries, a third less important factor that has contributed to excessive increases in the quantity of money, and that has been mistaken policies by the central bank."
"Professor Siegan referred to the mistake of the Federal Reserve Bank inthe late '20s and early '30s. From 1929 to 1933 the quantity of money in the United States went down by a third, and that was a major factor that produced the catastrophe. That was the great mistake of the Federal Reserve. It learned from that mistake. Government agencies, like people, don't always make the same mistake the next time; they make a different one. And since that period, the central banks have tended to make the mistake in the opposite direction. Their mistake has almost always been caused by confusing their function, by thinking that they had something to do with interest rates instead of recognizing that their real function was to control the quantity of money."