WALL STREET….Back in November, when Fed vice chairman Donald Kohn merely suggested that the Fed might cut interest rates, Wall Street rallied and the Dow Jones gained 330 points. Happy days! Today, the Fed announced that it actually had cut interest rates, so Wall Street was happy all over again, right? Of course not: “Investors reacted by sending the markets sharply lower, pushing the Dow down more than 200 points in a matter of minutes.”

Yeah, yeah, I know: investors had already priced in the prospect of a rate cut, so the actual rate cut itself didn’t matter. If you believe that, fine. Personally, I think it’s just further evidence that Wall Street investors are clueless. They should have figured out what that rate cut meant weeks ago, and the answer is: nothing good.