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that the federal reserve is doing a lot to prop up the stock market, not directly, but by lowering interest rates they encourage everybody to take money out of things that media nothing and put it into risker investments like stocks, and it s working very well. hang on, let me get to pearlstein first on this. steve pearlstein, how long will it take for the economy to feel the impact, especially if they recover by the end of march? it s a slow-release pill, and as you all have said, we ve seen this story so 34 times before, they ll figure out a way to patch it up down the road. in the meantime people on wall street are trading fairly short-term, so they ll worry about what happens next year, not today. the stock market isn t as forward-looking as it used to be because the time horizon of the

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