CNNMoney: Fed slashes key rate to near zero

link to full story: http://money.cnn.com/2008/12/16/news/economy/fed_decision/index.htm?postversion=2008121615

Wow, this is troubling. I know the point is to encourage banks to lend and people to borrow, but the first thing I think of is how my HSBC online savings account rate will surely also be lowered. again.

At the CNNMoney story, take a look the graphic on the right illustrates how drastically the rate has fallen since the end of 2007, when we now know the recession "officially" began.