Helicopter Ben Swoops Down

0626_h6.jpgCNBC is saying Helicopter Ben Bernanke announced an emergency 75 basis point rate cut. Dow futures are down 340 points now -- which is better but still awful. Who knows if it'll hold. Whenever the market has bounced this year, it never holds. But rates are beginning to look good for a mortgage refinance.

UPDATE: Rick Santelli and Jim Cramer fighting on CNBC.

UPDATE 2: It's not holding. Dow futures are back down in the 400s.

Atrios: "How's that plan for putting social security into the hands of Citibank, Merrill Lynch and the other financial ‘wizards’ as President Bush had so strongly urged looking now?"

UPDATE 3: I'm listening to the white guys on CNBC arguing over who predicted this and when. If memory serves, Thom Hartmann called this economic downturn more than 15 months ago.

UPDATE 4: Dow futures at 472. The last time there was an emergency rate cut: September 17, 2001.