[PEN-L:300] One quarter of one point

[sawicky@xxxxxxxxxx (Max Sawicky)]

While Walker laughs himself silly up
there in the great white north, the
news reaction down here to the Fed
action was enthusiastic.  The local
news played up the move for all of
its economic benefits to average
folks.  You can spend more, you can
afford a new house, etc., and all
this will come pretty soon.  Only in
passing was the market's disappointment
noted.

I'm curious as the the reaction
elsewhere, outside the business
pages, where a little more sobriety
prevails.

The silver lining in the hype is that
people are getting information about
the potential benefits of monetary
ease, even if they don't have a clue
as to the quantitative dimensions of
policy.  Their expectations thus
raised, they are better prepared for
a political message on how much ease
is really enough.

Ever-optimistic,

MBS
Fed-Bashing Central