The Aftermath of Ferocious Wednesday |
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Three very rare actions might cause the turning point in the global credit crisis. After the unprecedented announcement Tuesday by the U.S. Federal Reserve that it will lend directly to the corporate sector, the world’s central banks cut interest rates by half a percentage point in a coordinated move Wednesday, and, if that’s not enough, the British government promised to secure lending among the country’s banks. If that does not bring relief, what else could? In the financial markets yesterday
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