The problem here is that Fed Head Fisher is a Lone Ranger. Big Ben doesn’t share his thoughts, and when the Fed meets later this month and cuts rates, Fisher will probably be the lone wolf on dissenting.

How does the prospect of $4 a gallon gasoline sound to you? Undoubtedly, it doesn’t sound all that great. But what if I said that gasoline prices were headed for the $4 a gallon level, but once they got there, they’d head no higher?

The Bank of England (BOE) cut its interest rate 25 basis points to 5.0% yesterday (Thursday) while the European Central Bank (ECB) held its rate steady at 4.0%.

I find it interesting that Big Al is getting testy about all the fingers being pointed at him for this mess. I believe I may have been one of the first to point a finger at him when the housing bubble was getting bigger and bigger. And now…today’s Pfennig!