The banks get it with both barrels from the press today.
First, the Bank of England's decision to slash interest rates by 1.5%. According to Larry Elliot in the Guardian, it was the right thing to do but "smacks of panic" and is evidence of how far behind the curve the Bank of England has been. He says the governor's quarterly inflation report should simply read: "We made a total hash of things, and we are sorry."
The BBC's business editor, Robert Peston, says the Bank of England has some explaining to do:
"How could inflation be the worry in September and a deep dark recession be the fear today? Is it possible that just two months ago the Bank of England failed to assess properly the weakness of the economy?"
This is mild stuff compared to the fury directed at the high street banks after it emerged that they wouldn't be passing on to the cut to their customers.
"INTEREST RATS", says the front of the Mirror. "NOW PASS IT ON, YOU BANKERS," says the Sun.
Inside, the Sun identifies eight "piggy banks" that it says are "snout of order" for not cutting their variable rates.
"We at the Sun will play our part by campaigning relentlessly until the cut is passed on. And by naming and shaming the bankers whose greed hold back Britain's recovery," its leader warns.
The Daily Mail leader discusses the "shamelessness" of the banks for withdrawing tracker mortgages.
It also looks back - revealingly fondly - to the last time interest rates were this low.
"It was the year Ruth Ellis was hanged, James Dean was killed in a car crash ... most Britons went to church every Sunday, a pint of beer set them back 9 old pence and a house could be bought for £2,000."
*Based on an extract from the Wrap, guardian.co.uk's digest of the day's news
