Here are the top five most read stories on the Bloomberg in the last day with selected excerpts (and my comments, if any, in italics).

As of 19-Sep-2007 at 9:41:29 (Beijing time):

1. Fed Lowers Rate to 4.75 Percent, First Cut Since 2003

“Stocks surged, two-year Treasury notes rose, crude oil climbed to a record, gold and copper surged, and the dollar fell to a record low against the euro … ‘This concern about moral hazard is a whole lot easier to preach than it is to implement,’ said Neal Soss, chief economist at Credit Suisse. ‘It’s very hard to administer tough love.’”

2. Lehman Beats Estimates, Limits Losses on Mortgages

“Lehman said that hedging in financial markets capped losses on leveraged loans and mortgage holdings at $700 million … The firm expects to lose more than $1 billion on… leveraged loans.”

3. U.S. Federal Open Market Committee Statement: Text

“… the tightening of credit conditions has the potential to intensify the housing correction and to restrain economic growth more generally. Today’s action is intended to help forestall some of the adverse effects on the broader economy….”

4. Bernanke Weighs Recession Risk Against Bailout Charge

“‘It is not the responsibility of the Federal Reserve –nor would it be appropriate — to protect lenders and investors from the consequences of their financial decisions,’ Bernanke said in an Aug. 31 speech in Jackson Hole, Wyoming.”

5. Rogers, Faber Say Fed Rate Cuts Will Spur a Recession

“Rogers said investors should sell U.S. dollars and bonds. He said he’s selling short shares of investment banks and expects them to fall further. Rogers said he is buying agricultural commodities and recommended investors purchase Asian currencies including the Chinese renminbi and the Japanese yen.”