Fed Chair Says Economic Outlook Darkening
April 24, 2008
The chairman of the Federal Reserve Board has told Congress that the housing and credit debacles have created a great strain on the economy. Energy prices have worsened, and hiring has declined.
Fed Reserve Chair Ben Bernanke said, “The outlook for the economy has worsened in recent months, and the downside risks to growth have increased. To date, the largest economic effects of the financial turmoil appear to have been on the housing market, which, as you know, has deteriorated significantly over the past 2 years or so.” Read more
Credit Key to Postage Stamp Transactions
April 24, 2008
If you’ve been using old-fashioned money to purchase stamps at a post office vending machine, be warned: your days of dropping coins in a stamp machine will soon be over.
A spokesman for the Postal Service says the vending machines don’t earn enough coins to pay maintenance costs. As a result, they’re being removed from post offices across the nation. Read more
Greenspan believes Recession will Last as Long as the Credit Crisis
April 22, 2008
Alan Greenspan, former chairman of the Federal Reserve and economic guru, was on the record for saying recently that he honestly hopes that the very worst of the credit crunch is over and that the duration of a recession for America is tied directly to the length in which the financial turmoil of the county lasts.
Speaking by means of satellite to an economic conference being held in Italy, Greenspan has mentioned that the situation should still be seen as one of critical concern, and that the economic crisis may very well find itself being dragged out into 2009. Read more
Newspaper Says Current Measures Aren’t Enough to Solve Housing Mess
April 20, 2008
The San Jose Mercury News newspaper has published an editorial saying that current government efforts to solve the nation’s housing crisis simply won’t get the job done.
The newspaper noted that the feds have been encouraging mortgage companies to do what they can to prevent home foreclosures by renegotiating difficult loans. However, as the newspaper states, the voluntary campaign hasn’t worked so far. Read more