MSNBC reports a 1/4 point cut in the federal funds rate, bringing it down to 1 percent. This was the 13th rate cut since early 2001.

Of course, the very rich will benefit most, since they borrow more money than, say, the homeless.

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James Joyner
About James Joyner
James Joyner is Professor and Department Head of Security Studies at Marine Corps University's Command and Staff College. He's a former Army officer and Desert Storm veteran. Views expressed here are his own. Follow James on Twitter @DrJJoyner.