Fed cuts rates again

The Fed follows up its 0.75% cut in the fed funds rate last week with another 0.50% cut, announced this afternoon. That's a 1.25% rate cut in little over a week. Is the Fed racing to close the barn door after the recession got out? Sure feels like it. Oh, by the way it's a presidential election year and the Fed is printing money. Go figure.

Now for some initial reactions from around the web:

WSJ: Economists react - Fed Racing to Tie
FT: Bernanke's reflation gamble may work too well