Meh, that's small news compared to the fact we are trying to solve things by PRINTING MONEY. $75b of it.
Allow me to translate:
"injecting into the economy" = giving the money directly to banks, no strings attached. For example, every $100 a bank trades in they get $110 back.
"quantitative easing" = if the country has $10 total money, and the government prints another $5, then that $10 can only now buy $7.50 worth of stuff. So printing money is directly equivalent to a large, unavoidable tax on everyone, without all the outrage when you impose one usually.
"emergency action" = we don't have to seek the approval of elected representatives
"cutting interest rates" = increasing banks' profits. Cutting them from 1% to 0.5% won't have any effect on the loan interest rate at all since they're already so low, so it won't affect the credit market, but banks will be quick to cut savings rates by the full 0.5%.
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