Just for discussion; what do these folks have to worry about? Do they make minimum wage? Do they have children that will rely on student loans for college? Are they able to make their mortgage payments, and still have enough left over to pay other monthly bills? How about that prescription plan? Do they need to choose who in the family gets meds any given month?
Are they elected or appointed? What are they really worried about?
WASHINGTON - Worries about a deep recession — not a shallow one — drove Federal Reserve policymakers to slash a key interest rate last month, meeting minutes show.
Even as the Fed battled in almost unprecedented fashion to stem a widening credit and housing slump, some members fretted over the possibility of a “prolonged and severe” economic downturn. It was in that environment that they voted — with two dissents — to cut its most important interest rate by three-quarters of a percentage point to 2.25 percent. That action capped the most aggressive Fed intervention in a quarter-century.
Some Fed policymakers thought that such a widening recession could not be ruled out given the “further restriction of credit availability and ongoing weakness in the housing market,” according to the meeting minutes that were made public Tuesday.
Two Fed members — Charles Plosser, president of the Federal Reserve Bank of Philadelphia, and Richard Fisher, president of the Federal Reserve Bank of Dallas — opposed such a big rate reduction, however. They favored a smaller cut because of concerns about a potential inflation flare-up. It was a crack in the mostly unified front that the fed often has projected to the public..."
http://www.msnbc.msn.com/id/24015213/
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