• Thought of the Day

    Thought of the Day

    2000: Money, contrary to popular myth, does help people more than it spoils them, simply because it opens up more options. The danger is that when you have your million, you then want two, because you have a button saying I Am a Millionaire and that is who you are, and there are, all of a sudden as you will notice so many people with buttons saying I Am a Double Millionaire.

    –Adam Smith, The Money Game (New York: Random House, 1968), p. 83.

Today in Financial History

2001: Citing "heightened uncertainty and concerns about a deterioration in business conditions," the Federal Reserve Board cuts interest rates by lowering its "fed funds rate target" from 2.5% to 2%. The Fed has now cut interest rates ten times by a total of 4.5 percentage points in 2001, putting them at their lowest level since 1961.

The Wall Street Journal, November 7, 2001, pp. A2, C1;The New York Times, November 7, 2001, p. C1;The Financial Times, November 7, 2001, p. 1