It's official. The "R" word has been unsheathed. This morning US Treasury Secretary Henry Paulson described the economy as being in "sharp decline." The mention is the closest he has come yet to conceding an election-year recession has set in.
Adding to this grim admission is the just announced Fed rate cut. The Federal Reserve slashed a key interest rate by three-quarters of a percentage point moments ago. The big question is, will it be effective? Rates have already been cut 2.25 percent since September.
Talking about money is just one of those things that's uncomfortable to do in polite society — some might even argue it's downright vulgar. But with the economic news tumbling out of Washington today, you'll just have to excuse our rudeness. The Daily Show however doesn't have any compuction skewering the national pocketbook. For a desperately need money-related chuckle, read more.