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Today, the much-derided Fed Chairman Ben Bernanke is a "rock star." Next week, will he become the Fed's answer to one-hit wonder Tommy Tutone of "867-5309 Jenny" fame?
That's tough to know, but Bernake proved that yesterday's idiot is today's genius. The Dow Jones industrial average reversed its recent declines soaring at last check 106.89 points to 12,952.67 after the Federal Reserve slashed in the discount rate -- the interest rate on direct loans -- by 0.5 percentage point to 5.75%.
Will this mean much to the problems affecting the economy?
The real estate market is still lousy. Consumer confidence seems shaky. Retail sales still are weak and investors outside of Wall Street remain very, very nervous but less so today than they have been. Again, that's tough to know.
Market pundits of course were joyful. "It's just a brilliant move in letting the markets know where liquidity can be found and at what cost," Tim Hartzell of Kanaly Trust Co. told Bloomberg News. Is this excitement premature? Again, tough to know.
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