86% chance fed will cut rates in Dec: take the pain now or later?

Fed's Kroszner Says `Rough Patch' Won't Warrant Cuts
This is exactly what I was expecting in September, but instead of holding steady, the Fed cut rates by 50 bps. So now they are saying they want the economy to weather the rough waters of the coming months, and probably all of 2008. The 5-headed monster Fed is testing the waters by letting the Fed governors speak freely. First Poole says that only a calamity would force a change in Fed policy, then the 50 bps cut, then Miskin's the man to watch as his guidance has more closely followed what the Fed did, now Kroszner pops his head above water.

First the recession is imminent. Then there's a 30% chance. Now no one is sure.
One thing may be sure: earnings next year doesn't look too good. However, I'm investing in ROW stocks. That's stocks that sell to the Rest Of the World more than the US.