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Showing posts from January 14, 2008

economic stuff

Business Times - 15 Jan 2008


Not saying the R-word - but alluding to it a lot

Bush concedes 'economic challenges' and the Fed stands ready to take 'substantive action'

By LEON HADAR
WASHINGTON CORRESPONDENT

FEDERAL Reserve chairman Ben Bernanke was asked whether he expects, as the questioner put it, 'the R-word'.

'The Federal Reserve is not currently forecasting a recession,' Mr Bernanke responded after his address in Washington last week. 'We are forecasting slow growth.'

Then he added: 'But as I mentioned today, there are downside risks and, therefore, it's very important for us to stand ready to take substantive action to address those risks and provide some insurance against those negative outcomes.'

Since the start of the downturn in the American economy - the housing crisis; the credit crunch; the high oil prices; signs of unemployment and lower spending - US officials and lawmakers, including the head of the central bank, have r…

Golden Oldie: Tonkin Gulf and Persian Gulf

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George McGovern writes that Gulf of Tonkin Will Be
Tough to Repeat.
Please read my related commentary here.