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A Tale of Two Unknowns: The Fed's Second 2007 Emergency Meeting

"If this does not have a desired effect, it will not be because we didn't do another 25. It will be because we're at the point where we're going to have to think about the fed funds rate," said Geithner, who then levied some dramatic irony. "So I don't think it is right ... to think that we will do it by just decision we will revisit that spread. We will have to think about more dramatic actions in that context."

On Aug. 17, 2007, the Fed issued this statement, which said it would cut the discount rate by 50 basis points and the target federal funds rate by the same amount.

"We are doing a very unconventional thing," Bernanke said at the end of the meeting.

-- Written by Joe Deaux in New York.

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