I think the Fed has to continue to cut the short end of the yield curve. Anybody who thinks that the Fed is done hasn't taken a drive down through Miami, hasn't gone out to Nevada to see what's going on in the housing industry there, hasn't driven to Cleveland to see what's going on in the housing industry there. That problem's going to get worse and the Fed has to continue to make certain that the short end of the curve stays low. They're going to drive the funds rate well under 3% before this is done, and if they don't, that will be a mistake.
~ Dennis Gartman, The Gartman Letter, as interviewed on Bloomberg Video, November 1, 2007