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Fed Sees Economy Getting Worse
money.cnn.com ^ | April 8, 2008: 2:14 PM EDT | staff

Posted on 04/08/2008 11:25:08 AM PDT by kellynla

NEW YORK (CNNMoney.com) -- Some members of the Federal Reserve are worried about the possibility of a "severe and protracted downturn" in the U.S. economy, according to the minutes of the central bank's latest minutes released Tuesday.

The minutes show that some Fed policymakers are concerned that the problems in the "housing sector had deepened and that considerable uncertainty surrounded the outlook for housing."

The Fed cut its key federal funds rate by three-quarters of a point at the March 18 meeting, its sixth rate cut since September. The Fed has been cutting rates in an effort to keep the U.S. economy from falling into recession following the meltdown of the subprime mortgage market and resulting credit crunch.

But Fed Chairman Ben Bernanke told Congress last week that a "recession is possible," although he said he believed the economy is still growing slowly.

Despite the growing belief that the economy is already in recession, the presidents of the Dallas and Philadelphia Federal Reserve Banks voted against cutting rates as aggressively, a rare amount of dissent on the central bank.

(Excerpt) Read more at money.cnn.com ...


TOPICS: Business/Economy; Culture/Society; Extended News; Government
KEYWORDS: economy; fed; federalreserve; printmoremoney; subprime
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To: going hot
Oh, I fully intend on doing just that, and living it as well.

Your testimony hardly represents facts. I seemed to have picked up a certain arrogance among some here that is completely self centered on their own fortunes, according to them.

81 posted on 04/08/2008 4:26:18 PM PDT by bjs1779
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To: bjs1779
I seemed to have picked up a certain arrogance among some here that is completely self centered on their own fortunes, according to them.

Damn you're good. I was just about to type that very sentence but you beat me to it!

.It can be applied to numerous posts on this site, on this topic and others.

What is, is, regardless of what you or I think or wish it to be.

82 posted on 04/08/2008 4:30:37 PM PDT by going hot (Happiness is a momma deuce)
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To: bjs1779
Oh, almost forgot,

I really do wish you and yours luck in all you do.

This country is a wonderful place. It has opportunity.

Doesn't always land directly into your lap though.

83 posted on 04/08/2008 4:32:54 PM PDT by going hot (Happiness is a momma deuce)
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To: going hot
Damn you're good. I was just about to type that very sentence but you beat me to it!

Sure you were. I quess we can trust you on that one too.

84 posted on 04/08/2008 4:35:01 PM PDT by bjs1779
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To: going hot
This country is a wonderful place. It has opportunity. Doesn't always land directly into your lap though.

No it isn't that at all. It is what government is doing to the dollar that is stealing what others have worked for off their lap.

85 posted on 04/08/2008 4:39:22 PM PDT by bjs1779
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To: bjs1779
What, that I thought it was applicable to oh..say, someone like you, or that I was about to type it?

The more relevent question is does it apply?

86 posted on 04/08/2008 4:39:42 PM PDT by going hot (Happiness is a momma deuce)
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To: going hot
What, that I thought it was applicable to oh..say, someone like you, or that I was about to type it? The more relevent question is does it apply?

It's always fun to watch liberals end up making no sense.

87 posted on 04/08/2008 4:42:36 PM PDT by bjs1779
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To: bjs1779
ok, from the top, just exactly what is "the government" doing with the dollar, what nefarius purpose, and for what gain?

What part of "the government" is doing this?

What part of this enterprise (the doing in of the dollar) has no bearing on or a or result of market forces?

Who is it that is rubbing their hands and purposefully destroying the US economy by F***ing the dollar?

And most important, who gains is in fact the us economy tanks?

88 posted on 04/08/2008 4:45:18 PM PDT by going hot (Happiness is a momma deuce)
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To: TCats

But me being the cynical person I am thinks the unemployment stats are also a little ‘Rosy’.”

I read something to the affect that they count the bodies on unemployment and the ones who have exhausted their unemployment benefits and still don’t have a job are not counted.

Anyone know for sure?


89 posted on 04/08/2008 4:46:35 PM PDT by philetus (Keep doing what you always do and you'll keep getting what you always get.)
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To: bjs1779
It's always fun to watch liberals end up making no sense.

The fact that you see no sense in that speaks volumes about your perceptions and general mental status.

Sorry to have wasted your time.

90 posted on 04/08/2008 4:48:31 PM PDT by going hot (Happiness is a momma deuce)
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To: philetus
I think they do some massaging for ‘Seasonality’ adjustments (I think they do this for the employment measure). I think they also ignore those who are not actively looking for work which might include those whose unemployment benefits have run out.

Of course they cannot measure the cash economy nor do they register Illegals.

All in all, a very rough measure at best IMO.

91 posted on 04/08/2008 4:51:58 PM PDT by TCats (The Clintons Are Not Just Wrong - They Are Certifiable AND Dangerous! See my Page)
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To: SlapHappyPappy

Higher prices of “core products” do not comprise a recession under any measure. If I used to spend $150 a month on gasoline and now I’m spending $300 per month, that extra $150 has to come from somewhere. Maybe I reduce my spending on movies, ballgames, cable TV, etc. by $150 . . . but my miniscule contribution to the nation’s GDP hasn’t changed at all.


92 posted on 04/08/2008 4:57:08 PM PDT by Alberta's Child (I'm out on the outskirts of nowhere . . . with ghosts on my trail, chasing me there.)
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To: going hot
What part of "the government" is doing this?

It is called DEBT and nobody is increasingly willing to buy it anymore. Therefore the value of the dollar drops.


93 posted on 04/08/2008 4:57:11 PM PDT by bjs1779
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To: Alberta's Child
Higher prices of “core products” do not comprise a recession under any measure. If I used to spend $150 a month on gasoline and now I’m spending $300 per month, that extra $150 has to come from somewhere. Maybe I reduce my spending on movies, ballgames, cable TV, etc. by $150 . . . but my miniscule contribution to the nation’s GDP hasn’t changed at all.

Heck, I bet you could even drive down food prices if you ate out of a dumpster.

94 posted on 04/08/2008 5:00:28 PM PDT by bjs1779
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To: TheBattman
Where many others are only paying modestly higher prices for their crude oil and the fuels from it, we are paying significantly higher prices.

Yet everyone appears to be suffering from significantly higher food prices.

95 posted on 04/08/2008 5:23:12 PM PDT by DeaconBenjamin
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To: going hot
The fact that you see no sense in that speaks volumes about your perceptions and general mental status. Sorry to have wasted your time.

And yet, you have yet to comment on this chart. Liberals always avoids facts. Don't try to keep pulling the wool over everybody's eyes.


96 posted on 04/08/2008 5:29:52 PM PDT by bjs1779
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To: Alberta's Child

No, but that is an example of first how government reports do not accurately reflect economic reality and, second, an event which can lead to a recessionary environment.

Economic growth depends on discretionary spending, and higher costs of necessities reduce discretionary spending.


97 posted on 04/08/2008 6:07:18 PM PDT by SlapHappyPappy
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To: NeoCaveman

Living in cardboard boxes? Just the number of jobless adults living at home with parents would blow you away if you knew and stopped to think about it. Then there are people cashing in their 401ks and people living off credit cards or collecting some form of disability or boomers taking early retirement. The numbers would shock you. For many people, there are many temporary and semi-permanent means of staying off the cardboard boxes.


98 posted on 04/08/2008 6:13:12 PM PDT by Freedom_Is_Not_Free
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To: SlapHappyPappy; Alberta's Child
No, but that is an example of first how government reports do not accurately reflect economic reality and, second, an event which can lead to a recessionary environment.

I've noticed that when challenged, he usually runs.

99 posted on 04/08/2008 6:14:57 PM PDT by bjs1779
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To: DeaconBenjamin

You won’t get an argument out of me on that. Food costs are being directly impacted by several factors... the largest being the manipulation of the food supply by the mandates for biofuels. Add to that the higher cost (in the US) of fuel to transport said food, and the crazy weather going on (flooding, failed crops, etc.)... They all add up to higher grocery costs. And for us in the US - a devalued dollar isn’t helping.


100 posted on 04/08/2008 8:47:01 PM PDT by TheBattman (LORD God, please give us a Christian Patriot with a backbone for President in 08, Amen.)
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