| Federal Government Cuts Key Interest Rate |
| Tuesday, January 22, 2008 12:07:48 PM - Middletown Ohio |
by Bill Rogers
 The United States government is showing a genuine concern about the declining state of our country's economy, cutting the federal key interest rate which governs the amount of interest banks charge one another for overnight loans this morning before the opening of the stock market. The cut comes as an attempt to ward off a feared recession in the economy. Additional tax cuts are expected to follow soon on it's heels, as the Democratic and Republican leaders in Congress met with President Bush today at the White house for talks on economic stumulus legislation.
Trading on Wall Street opened today to see a 300 point plunge in the Dow Jones industrials. The prospect of a recession in the United States - the largest economy in the world - has infected markets around the planet, which plunged on Monday as the market was closed for Martin Luther King Jr. Day. In Japan, Mikkei stock closed down 5.65 percent, the biggest drop they've seen in nearly a decade. In Hong Kong, Hang Seng index lost nearly 10% value, their biggest loss since the September 11th attacks.
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