The headlines read “Chairman Bernanke Says Fed
Ready to Cut Interest Rates as Needed.” Well, not
exactly. What Federal Reserve Chairman Ben Bernanke actually said, in
remarks on Thursday was “We stand ready to take substantive additional
action as needed to support growth and to provide adequate insurance
against downside risks.”
Wednesday Goldman Sachs became the latest “authority” to say that the
United States may be slipping toward an outright
recession, and that the housing and credit market
problems would be the primary cause.
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