Re: Bernanke: Financial crisis taking toll on economy

On Sat, 23 Aug 2008 16:06:55 -0400, strabo wrote:

Bob Brock wrote:
http://biz.yahoo.com/ap/080822/bernanke.html?.v=3

JACKSON, Wyo. (AP) -- Federal Reserve Chairman Ben Bernanke said
Friday the financial crisis that has pounded the country -- coupled
with higher inflation -- is taking a toll on the economy and poses a
major challenge to Fed policymakers as they try to restore stability.

"Although we have seen improved functioning in some markets, the
financial storm that reached gale force" around this time last year
"has not yet subsided, and its effects on the broader economy are
becoming apparent in the form of softening economic activity and
rising unemployment," Bernanke said in a speech to a high-profile
economics conference here.

While Bernanke welcomed the recent drops in oil and other commodities'
prices, and believes inflation will moderate this year and next, the
Fed chief also warned the inflation outlook remains highly uncertain.

The Fed, he said, would monitor the situation closely and will "act as
necessary" to make sure that inflation doesn't get out of hand.

The current financial and economic environment is one of the most
challenging to Fed policymakers "in memory," he acknowledged.

(...)

There. Now don't you feel better?

I'm surprised, you really do have a sense of humor!

-- Regards, Curly
------------------------------------------------------------------------------
I Love Republicans, They Taste Just Like Chickenhawks
------------------------------------------------------------------------------

.

Relevant Pages