Speaking at the Kansas City Fed Bank's two-day conference on financial stability in Jackson Hole, Wyoming, Fed Chairman Ben Bernanke said the Fed will raise rates if needed to contain inflation. He said that the declines in the price of oil and the recent strength and stability of the dollar were encouraging but that policymakers would raise rates if inflation continues to be a problem.
In July, the consumer price index rose to 5.6 percent, the fastest increase on an annual basis in 17 years
At the same time, the economy continues to weaken with over 430,000 job losses since January, over 500 billion in writedowns from banks, and anemic to no growth in the economy.
Ben, you have a real tough job ahead of you.
Comments
Sam
August 23, 2008
Bernanke has proven himself to be a spineless idiot. MSNBC could be a better Fed Chief than him. I have no doubt that who ever is pulling his strings will do exactly the opposite of what's in the best interest of American citizens.
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thedorightman
August 24, 2008
What is it called in psychological terms when one fails to accept the fact that it is OVER!
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Anonymous
August 24, 2008
What Michael Brown did for New Orleans, Ben Bernanke is doing to the rest of the country.
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Sandra
August 24, 2008
What Michael Brown another brilliant Bush appointee did for New Orleans, Ben Bernanke is doing to the rest of the country
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