US admits economy is in downturn

The article would more accurately be titled Economy so shitty that the government can feel it crashing down on their asses even though their heads are still firmly planted in their little holes. And they say:

The Fed is expected to slash interest rates later on Tuesday to help boost confidence in financial markets.

This roughly translates as, "We promise to make the ass rapings less severe."

The major banking institutions behind the Fed could decide that they've exploited things about as far as they can, take the money and run, and eliminate interest rates. Or they could wait until people get all French Revolution on their asses.