Zeev's Turnips Patch-No Politics (ZEEV)

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I would not say rate cuts have been "ineffective". I would rather say only that they have not achieved the desired effect, assuming what's desired is a rebound of the economy.

If you assume, rather, that the goal of rate cuts has been to stall economic collapse until a recovery occurs on its own... then I would say that the cuts have been effective so far, but that their ultimate effectiveness has yet to be proven one way or the other.