All eyes are on the Fed. Will they cut? How much? Hurry and tell us. All the little people want to know.

Warren Buffett's Take: "Even if the Fed whispered in my ear what they were going to do", it wouldn't make "any difference whatsoever" in his investment decisions. "The Fed has nothing to do with investing in good companies."

I guess this is the difference between the really rich, and the wannabe rich.

Is the worst over? Or...

UBS announced it would write down $10 billion in losses on subprime lending, but received a $12 billion cash infusion from two investors. Oddly, the shares rose, as did many stocks in the housing, banks, brokers, and REIT sectors.

Is the worst over? Or, is this an oversold rally?

Expect the markets trading to be dull ahead of today's 2:15 Fed announcement. Is the current rally a "classic buy on the rumor, sell on the news" set up?

People Watch

The actions of the public can be a leading or lagging indicator on the economy, the stock market, and give you a heads up on future trends.

McDonald's (MCD):

I went to two different McDonald's last weekend to try the "premium" coffee that is supposedly competing with Starbucks (SBUX). Jim Cramer has been saying that McDonald's coffees were eating into Starbucks business.

I didn't find this to be the case.

I asked workers behind the counter at McDonald's to explain their different types of premium coffees. I was told that they have "regular" and "decaf". Once again I asked to explain the different types of "premium" coffees. They said there was no difference, and that they had "regular" and "decaf" and just called it "premium".

In my opinion, the Starbuck's problem is an inflationary one, and can be solved by simply raising prices. The McDonald's news is nothing but hype.