Fed Rate Cut Again Fails to Help Those That Need it Most

On Wednesday we noted how even though the Fed rate cuts were meant to help Financial stocks the most, they are the worst performing sector since the Fed started cutting the Fed Funds rate in September. While it is still a small window, it looks as though the second round of rate cuts by the Fed isn't helping much either.

On Thursday, the financial sector fell 4.7% accounting for 33.9% of the entire market's decline. On Thursday, the WSJ reported that the CEO of Bear Stearns (BSC) likes to relax with a little "smoke" after a tough day, and we were wondering if Thursday qualified as one of them.