by Michael Snyder, The Economic Collapse Blog:

They actually did it.  The Federal Reserve just raised interest rates by another 25 basis points right in the middle of a major banking crisis.  I honestly do not understand what Fed officials are thinking.  They had already blown a 620 billion dollar black hole in the balance sheets of U.S. banks by raising rates so aggressively, and that resulted in the second and third largest bank failures in U.S. history earlier this month.  Apparently they are not yet satisfied with the carnage that they have caused, and so they have decided to make things even worse.  What we are witnessing is either extreme incompetence of epic proportions, or they are trying to crash the economy on purpose.  I am sitting here trying to think of a third alternative, but so far I am coming up blank.