No Interest?

" I nightly segment now the bottom line America's Central Bank is once again expected to slash a key interest rate tomorrow afternoon. To something below 1%. It's a benchmark for business and consumer loans and it already is down to 1%. It has never been below 1%. Joining us now to talk about that is Gary -- down he's the president of money management firm cal bound and associates why don't I care about this."

" Actually we really shouldn't you know at this point in time except it's pretty much irrelevant."

" whether the Fed goes down to % at this point in time -- already -- I gotta tell you I take the other side it's only -- sabres eighteen months ago you get a four and a half percent money markets now maybe you're getting a half percent. So why I don't think it's the best move but dog they gonna do it will be and a half percent tomorrow."

" This this key Fed funds rate. What it's supposed to do is indicate what one bank charges another banks for overnight lending and then somehow that affects all of us of course the reality is. Banks don't charge merely data mount -- overnight rate due date or loan."

" That would right now I think they're charging point 125%. They're just catching up to what the market's doing anyhow. I at this point in time this may help the consumer a little of what we did is not credit card rates come down. But that's it it's really for -- mostly ceremonial and is not going to change the dynamic what we're seeing the if the economy right now banks don't want to -- they're not going to land and the consumer can't get alone and not going to get alone and that's really what the problem is right now."

" Aren't there -- those economists who who voiced concern that if you lower that rate too much. Eventually you might need a rate cut to stimulate things and then you can't. Cut from zero I mean unless you were. Giving people money to take."

" Money. Well they started five and a half percent so many months ago when now we're down to happen it has not help the economy. They kind of cool with pushing on a string which has nothing gets on it used to be many years ago you cut rates the economy comes back a few months later. Things are definitely change as we get a cultural shift for the consumer right now so. The you know they can talk the blue in the face all they want they can drop and the zero or more its really not going to change anything. Unfortunately for the second and you think as far as the markets go it's already factored in. -- look most definitely the market's already know what the Fed's done is gonna do they've been telegraphing their moves up for many months. You know I would be surprised -- they go -- a quarter percent tomorrow I think they're that crazy. Pick pick pick Gary -- that the straight and tonight. That's the bottom line the Federal Reserve. "