Futures traders and the media love to hype the prospects of another cut.  They got some Fedspeak from Don Kohn saying that the credit markets are turbulent and the economy is at risk.  Of course we knew that already but traders are always looking for a reason to have volatility.  Nevermind that Kohn is blatantly saying that its necessary to ignore moral hazard for now and forget about inflation for now and forget about the dollar for now.   So once again, Kohn is taunting the stock market with another rate cut.  It’s great for traders but not for investors.  The shorts get scared.  The bulls get energized.  We see a rally.  As for actual improvements to the economy and markets, that hasn’t happened with previous cuts.  Maybe the Kohnheads think the next one will.  Good luck with that.