I don’t think that Chairman Bernanke knows how the economy will continue to behave. As you saw, he is not answering the question regarding whether or not we are in a recession. But it is clear to me that actions taken by the Fed, like cutting rates, are not working. Oil prices are a consequence of a weak dollar policy that this administration has been implementing, and that has a lot to do with food prices and the housing crunch that we are seeing in this country. It’s not very encouraging. I think that we haven’t seen it all.

This entry was posted on Wednesday, July 16th, 2008 at 3:32 pm and is filed under Politics, Economy/Budget .