It has become clearly evident that the Fed works weekends.

Last night the Fed announced an emergency quarter point discount rate cut to 3.25%, and on top of that, offered to lend money to a longer list of firms than ever before.

The rare weekend move came as J.P. Morgan Chase (JPM: chart, web, Y!) sealed a deal to buy Bear Stearns (BSC: chart, web, Y!) for just $2 a share backed by up to $30 billion borrowed from the Fed. The Fed board gave its approval to that unique funding arrangement, which guarantees JP Morgan against …

A few events to remember for next week:

Goldman Sachs reports earnings - March 18th, 8:30am
Goldman Sachs finished out 2007 in good shape with shares exceeding analysts predictions. However, Goldman’s true isolation from mortgage backed securities will be revealed in earnings for the next several quarters. With the bail out of Bear Stearns, I’m sure the street will be on pins and needles to see how well Goldman is fairing in this volatile market place.

Federal Open Market Committee meeting - March 18th, 9:00am .
Traders in interest rate futures have a 3/4% cut in the fed funds rate in mind and increasing evidence that the U.S. economy may be …

Well, by now the 25 basis point rate cut is old news. It’s interesting to see the mixed reaction to the cut; some say it wasn’t enough and that The Street was expecting 50 points, others say that the Fed should quit trying to save the economy from recession and let the free market play out.

A few highlights:

This Fed continues to display their cluelessness. They will definitely have to cut more times, so just GET IT OVER WITH now. Silly Fed. -Jordan, In The Money

What is the right number for interest rates? 4%? 3%? 2%? No one knows for sure, and that’s the problem. Investors are …

Read more…

This is going to be an interesting week in economic review. The Fed meets again on Wednesday, and the stock market seems to have another rate cut factored in.

I can’t believe Ben Bernanke would drop the overnight rate this soon after dropping the rate a larger than anticipated half point.

The credit problems are starting to moderate, third quarter financials are stronger than expected, the World economy is booming on the weak dollar, and the dismal housing market has yet to spill over into the rest of the economy. In short, things don’t look all that bad from my point of view. Or, more properly stated, things don’t …