From the AP:
Federal Reserve Chairman Ben Bernanke pledged Thursday to slash interest rates yet again to prevent housing and credit problems from plunging the country into a recession. The Fed chief made clear the central bank was prepared to act aggressively to rescue a weakening economy. 'We stand ready to take substantive additional action as needed to support growth and to provide adequate insurance against downside risks,' he said.... Bernanke has come under criticism for not acting more aggressively to deal with the economy's problems."
My take: Interestingly, former Reagan administration economist Martin Feldstein—a longtime skeptic of fiscal stimulus—is so worried about the economy that he has advocated temporary tax cuts and rebates to boost the economy. He was on President Bush's short list to replace Alan Greenspan as Fed chairman, as was Glenn Hubbbard, formerly the chairman of the Council of Economic Advisers and currently dean of the business school at Columbia University. Both men might want to start donating some campaign cash to Hillary Clinton and Barack Obama, since the odds are growing that the next president—particularly if it's a Dem—will not renominate Helicopter Ben.
Reader Comments