Interest rates here took another dramatic dive thanks to Bank of Israel Gov. Stanley Fischer. Fischer unexpectedly lowered the rates to 3 percent, the lowest level ever.
Yisrael Hayom wrote in an editorial that Fischer is "a rare breed that does not exist in our country of jacks-of-all-trades – someone of proven talent who actually works and operates in the field in which he is an expert. Amazing." That compared to what the paper called "insane people," who are demanding Fischer's resignation.
It will be interesting to see how Israel weathers the economic crisis compared to other countries, including Fischer's native USA. Fischer was the college adviser to Federal Reserve Chairman Ben Bernanke.
Fischer slashed rates before the opening of he Prime Minister's Conference for Export and International Cooperation, earning a line up of praise at the conference.
"Israel has one economic leader, and his name is Stanley Fischer. The Governor of the Bank of Israel understood long before everyone else here where we were headed, and he knew how to prepare the Israeli economy. Regrettably, we haven’t yet seen action on the fiscal policy side," said Manufacturers Association of Israel president Shraga Brosh, in a swipe at Finance Minister Ronnie Bar-On.
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