Economist urges Fed to meet 'now' to cut rates as stocks tumble: It's a 'frightening time'

Economist Stephen Moore urged the Federal Reserve to act on interest rates as the market meltdown intensifies. "Commodity prices are falling very rapidly right now," he told FOX Business’ Stuart Varney on "Varney & Co." Monday. "We’ve moved from a problem with inflation right now to deflation in prices and I think the Fed has to act to stop that.

JAPANESE STOCKS PLUNGE IN LARGEST ROUT SINCE 1987'S BLACK MONDAYHowever, the economist said he was unsure of whether we’re actually seeing the "start of something really deep like a recession" or if there is a "blip" in the market."I’m not saying we’re facing a recession, but I think it is a frightening time," he stressed.

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