Yesterday, December 16th, 2008: The Federal Open Market Committee voted to establish a target range for the Fed Funds Rate of 0% to 0.25% from 1%. American banks have responded by cutting their prime lending rate by 75 basis points! This translates to the lowest rate in history! Wall Street approved the move by closing the Dow Jones up 359 points...both the Nasdaq and Standard & Poor's 500 index rose
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