Small Business Mole|

WASHINGTON - The Federal Reserve has slashed a key interest rate by half a percentage point as it seeks to revive an economy hit by a long list of maladies stemming from the most severe financial crisis in decades.

The central bank on Wednesday reduced its target for the federal funds rate, the interest banks charge on overnight loans, to 1 percent, a low last seen in 2003-2004. The funds rate has not been lower since 1958, when Dwight Eisenhower was president.

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Many of the emails we have seen over the past couple of weeks have been emphasizing the need for practical help for the individual families who are now finding themselves in trouble. Here are our beginning ideas. If you feel these are helpful let us know and we will start doing an article a week just on this topic.

Make a plan. Family comes first, so sit down and plan out a way to take care of them if a recession actually DOES happen, and it affects you hardcore. If you have a set of plans in place and in the future it doesn’t happen, then you have something to fall back on if your life changes in other ways, right?

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