– the BBC gets in its response to the US Federal Bank’s rate cut.
“One analyst said the Fed was “obviously panicked” by the threat of recession.
“Unfortunately they have no power to reverse what in my opinion is the worst post-war recession,” said Michael Metz, chief investment strategist at Oppenheimer in New York.”
Doubtless this article [actually, as I write it has been; initially it ended with Mr Metz’s quote] will be updated, but the BBC has a strange kind of spitefulness ready for such measures- lest anyone should get the idea that the US financial system cares or is competent or anything bizarre like that. The final comment struck me as especially odd, given that only a month ago, Alan Greenspan put the risk of recession at 50%.
The BBC also say that the move is a “complete surprise”, which, er, well, surprised me having read this call for action early today. I therefore, unlike the BBC, was not surprised. Larry Kudlow also says “Much of this is panic over a U.S. recession threat that has yet to clearly materialize.“
In this world of multiple sources we can see the BBC bias in sharp relief.