Update on Our Fed Funds Poll - Blog Readers more Conservative than CNBC Talking Heads?

The early results of our poll are in and I have to admit being surprised by our 'conservative' blog readers. To listen to CNBC for 15 minutes you'd think its a decision between

a) 25 basis point cut, accommodating stance with at least 2 more cuts by the end of the year
b) 50 basis point cut

It seems the minority are people either advocating
a) 25 basis point cut, and neutral stance
b) no action

However the latter 2 have 75% of the votes with clear leader "25 basis point cut, and neutral stance". I wonder if it's because most/many/almost all? commentators on CNBC have some direct financial interest (i.e. Wall Street bonuses, running long only funds, love low cost capital) and the 'easy credit world' is the lifeblood of high times? No wait, they are asking for these cuts because they feel sorry for the guy on Main Street. ;) That's it.

Or.... our blog readers have very cold hearts... mean spirited people who don't care about the mess on Main Street - even though they live on Main Street. Ohhh.....

Well let's see how this plays out.... if tomorrow's retail sales are strong or at least "pretty decent", I am going to move to the camp I outlined earlier: no Fed Funds cut and 25-50 basis point cut in discount rate.

However, my gut says the market would not be too happy with this as 25 basis point cut in Fed Funds (from what everyone says at least) is "priced" into the market. Or would the discount cut be enough of a substitution effect if only they were cut?

Interesting... high drama at the Fed corral ....

p.s. for you into the big picture of it all, I recommend Nouriel Roubini's blog. Awesome stuff if you're from either camp actually. He has a not too discreetly titled post "The Coming U.S. Hard Landing" which he blogged on Sept 7th.... now keep in mind, he has been a bear for a while...