Kudlow, Yellen Are Right, Fed Must Slash Rates Now

In 2007, as the economy was slowing and about to enter what turned out to be a very severe recession, the Federal Reserve began to cut interest rates.

At the time, the federal funds rate was 5.25%. By the end of 2008, the rate was near zero. At the same time, the Fed began to massively increase the money supply.

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