One economy, many opinions!
While the stock market continues its wild ride down 400 points one day, up twenty the next, the Chairman of the Federal Reserve is appealing to all to put aside fears of a major downturn.
In a speech to a Fed conference in Massachusetts on Monday night, Ben Bernanke the Chairman of America's money machine said that “the risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.”
Reassuring words we're sure to those in attendance, at least those that don't read and make a habit of picking up a copy of Newsweek to spend a few hours with.
In its most recent edition the American news magazine seems to have divined a wee bit of a different opinion on the state of the American economy. With a cover story that doesn't quite match up with Mr. Bernanke's thoughts of the day.
COVER STORY: INSIDE BUSINESS
Why It’s Worse Than You Think
For months, economic Pollyannas have looked beyond the dismal headlines and promised a quick recovery in the second half. They're dead wrong...
The full investigation suggests that the current recession will last much longer than the one of 2001 which ran eight months of that year, leaving many unemployed, bankrupt or holding severely depleted savings by the end of the misery.
Former Clinton economic advisor Robert Reich provides a video tutorial on how things might get worse before they get better.
While political scientists weigh in with the opinion that the faltering economy will weigh heavily on the voters minds this fall and should be of benefit to Barack Obama, while John McCain will be tainted by the past economic policies of George W. Bush.
It's all fascinating reading and worth wandering through the different options made available.
Feel free to send the link to the article on to Mr. Bernanke at the Fed, it would seem that he might want to catch up on his reading...
No comments:
Post a Comment