Calls for an "emergency" Fed rate cut

Email from Paul McCulley at bond giant Pimco in Newport Beach suggests the Fed should cut rates now!

clipped from lansner.freedomblogging.com “Sometimes when you are ill, you make an appointment with your doctor; other times, you go straight to the emergency room. Now is an other time.” AND “risk takers are ‘dis-engaging’ from the market, out of sheer fear. It may or may not be rational, but you can have irrational fear, just like you can have irrational exuberance. Animal spirits are what they are: animal spirits. “