Ailing America asks if Fed has fix-it formula

The superficial question about today's meeting of the United States Federal Reserve is whether chairman Alan Greenspan and his fellow governors will cut rates by 50 or 75 basis points.

However, the question, which will be key for the longer term health of sickly global stock markets, is whether Mr Greenspan's rate-cut medicine will actually work and bring corporate America out of its earnings slump.

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