Discount rate rise, it's about time

Today's Fed announcement of a quarter point increase in the discount rate to 0.75% is overdue and necessary. Worst case, it's a chance to test the ongoing fragility of the financial markets with minimal risk. Best case, it will demonstrate over a number of days that intelligent life in the market would welcome some backbone at the Fed, some desire to balance abject fear with the need to retain a sound currency, a reasonable catalyst for savings, and a path to ending the erosion of retiree savings.