What is this nonsense about rates dropping?

Wow, I'm a bit surprised. With all this talk of the Fed "slashing" rates, why are these supposed rates not tangible in the consumer arena? I just asked about refinancing my 6.5% APR auto-loan (which was on a used car, too), and all I got was a bunch of laughs. Nobody can come even _near_ that as a refinancing option. The lowest I saw was almost 9%. I guess with near-double-digit rates, all this talk of the Fed "slashing" rates is just further proof that our government is in denial about the economy going into a recession. *sarcastic, yet depressed, laugh*

~hhh.cubed ^_^