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Quick Take: Bernanke's Turbo Cut

Wow. That didn't take long. You want economic results, you get 'em with Ben Bernanke.

According to employment numbers released today by the Labor Department, last week produced a surprise drop in unemployment claims. That's right, the Fed's rate cut was so good, it has given the labor market a retroactive fix. That'll be great news, I'm sure, even if you happen to have worked for Countrywide Financial (NYSE: CFC  ) , GM (NYSE: GM  ) , or the likes of Hovnanian Enterprises (NYSE: HOV  ) .

Clearly, the rate cut was just what the doctor ordered. After all, everyone from bankers to real estate agents to home builders to hedge fund managers wanted it. Surely you remember that shocking jobs report just a week or two back. Team Fed had to step up and save the economy, save Main Street, save all those jobs.

It had nothing to do with juicing equity prices and giving our bubble-dependent citizens another means of feeling wealthy beyond their means. Honest.

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6/30/2008 4:03 PM
CFC $4.25 Down +0.00 +0.00%
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General Motors CAPS Rating: ***
HOV $1.62 Down -0.01 -0.61%
Hovnanian Enterpri… CAPS Rating: **