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Based on the decision minutes ago by the Fed to lower the discount rate by half a percent instead of the expected quarter of a percent, rates on short term CDs and savings accounts will most likely drop. The drop may start as early as tomorrow.

The Fed just minutes ago cut the federal-fund rate by half a percentage point to 4.75% and the discount rate by half a percentage point to 5.25%. While the market had been anticipating a cut, most observers expected the cut to be a quarter of a percentage point, or 25 basis points.

Lehman Bros reported earnings today and showed by the credit crunch is only part of the picture. Third quarter net income fell by 3.2% as the wrote off half a billion dollars in fixed income securities. But the company's overall revenue rose 3%, fueled by the firm's equity business. It global diversification also helped to reduce its exposure to the US mortgage melt-down.

I bought an iphone last week, and had to swap it out today- for a weak battery. My impressions of the phone, and the customer service I received at the store

The global credit crunch has had perhaps the biggest impact on investment banks and hedge funds. Many investment banks are due to report earnings this week and the extend of the damage will become more clear. But as the stock chart for Goldman Sachs shows, the market has already hit investment banks. Bear Stearns is predicted to take the biggest hit since they had the largest exposure to sub-prime mortgages and mortgage backed securities.

Taking advantage of an old rule, and following it to the letter, Berkshire Hathaway sent its disclosure of the sale of $141 millions of shares it owned in Petro China by regular mail, taking 10 days to be received. Buffett unloaded other shares of Petro China a couple of months earlier in July, also disclosing the sale by regular mail and also taking days -- this time 14 -- to reach its destination. Pretty sleazy stuff for a multibillionaire.

Women have become one of the main targets of credit card marketing. Learn about three major types of female credit card users and how banks try to induce them with credit card deals for women.

Countrywide announced today it had received $12 billion in credit financing, helping it avert any kind of liquidity crunch. The market responded positively.

Starbucks has had a long tradition (and a formal policy) not to market to children. But, it is now reversing this decision, driven by bottom-line interests rather than by good business practice. In many ways, SBUX’s plan is much like a recent decision by Altria (MO) to assign priority emphasis to increasing sales abroad – and, thus, to increasing the incidence of lung cancer world wide. It is sad to see two major American corporations build out their business at the expense of the welfare of vulnerable children and adults. Investors are not likely to worry too much about the sale of cigarettes in other countries (actually many are likely to applaud MO’s decision), but they should be concerned about Starbuck’s plan to sell caffeine to kids.

A review of changes in high yield CD rates and Savings rates listed on the BesstCashCow.com rate table.