Word: lowing
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From this anti-Depression policy has come a stream of costly policy errors that could ultimately prolong the current recession. The Fed's Dec. 16 decision to drop the target federal-funds rate to a record low of 0% to 0.25% is but the most recent of these. With rates already effectively trading near zero despite the Fed's previous target of 1%, the decision does not actually change rates and only sends a negative message about the state of the economy. That worsens confidence. And now the target rate has nowhere else to go, so the Fed will have...
...effecting massive inflation once confidence is restored and the economy then has too much liquidity. By making money available to the banks essentially for free, the Fed does not guarantee that the banks will lend out the money to businesses. There is no motivation to lend money at low rates when capital preservation (i.e., lack of confidence) is still a leading issue. Rates may be low, but the banks are not going to offer these rates to the individuals and industries that can make the most productive use of them - at least not until confidence returns. (See pictures...
...Hamas in the Gaza strip, one unsettling specter has emerged from the recent past: the failed campaign to crush the Lebanese militants of Hizballah in July 2006. Lebanon was clearly on the minds of Israel's military planners. Even as Hamas targets were pounded in Gaza, Israeli jets flew low-level saber-rattling sorties over southern Lebanon, a warning to militants not to launch reprisal attacks along Israel's volatile northern border. (See pictures from Israel's 2006 war in Lebanon...
...after a multitude of public fan protests, strung together years of failed draft picks to dig Detroit into its current hole. Although every armchair football aficionado knows that defensive- and offensive-line play wins championships (or at least a game or two), Millen repeatedly spent top draft choices on low-impact wide receivers, despite not having a good quarterback to throw them the ball. The low point: in 2003 Millen used the second overall pick on Michigan State wideout Charles Rogers, who was recently sentenced to nine months of drug counseling following an assault-and-battery arrest involving his fianc...
...militants fired only 150 rockets, some with a range of about 22 miles, toward Israeli towns. That is below their capacity of up to 200 a day, an estimate by Israeli military sources. "They are keeping their heads down," says a senior military intelligence officer. "Their accuracy is very low right now because of the dense aerial presence by Israeli planes. They know that the chances that they are being spotted by Israel surveillance and intelligence forces is very high." The officer adds, "The clear skies above the Gaza strip did not help them also." (See pictures of Israel...