Minutes of recent Fed meeting show concern

Posted April 9th, 2008 by lastmovement

Some members of the Federal Reserve are worried about the possibility of a "severe and protracted downturn" in the U.S. economy that could last into next year, according to the minutes of the central bank's latest meeting released Tuesday.

The Fed said its staffers now expect the nation's gross domestic product (GDP) to shrink in the first half of this year, the clearest signal yet from the central bank that its members think the economy could be close to entering a recession -- if it hasn't already. Many Fed policymakers indicated that a downturn in the economy in the first half of the year "now appeared likely."

The minutes from the March 18 meeting show that some Fed policymakers are concerned the problems in the "housing sector had deepened and that considerable uncertainty surrounded the outlook for housing."

The release of the minutes come a week after Fed Chairman Ben Bernanke said during Congressional testimony that a "recession was possible." He also said that real GDP might grow slightly in the first half of the year but conceded that it could also contract.
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A recession is possible?

On April 9th, 2008 Dr. Strangelove says:

Who hires these people? We are already there Benny, with nowhere to go but down, down, down. Eject these clowns immediately!

DUH

On April 9th, 2008 NoFreedom says:

You don't have to be a rocket scientist to figure out what is going to happen...you just have to be either a small and medium size retail business owner, middleclass or lowerclass. When oil is out of control, the dollar is worthless, healthcare is skyrocketing and food and cusumer prices are excelerating then what does every middleclass person do?
STOP buying! People are struggling to pay for gas to get to work, losing their jobs, scraping to pay for food and healthcare and our "government and corporate America thinks that we are going to go on buying binges or fly to Hawaii for vacation?? LOL

Everyone should know that the statements on the "fair and balanced news" is a bunch of garbage. We ARE in a recession and it will get worse because these losers in control can't stop it. They can put a bandaid on it and say it looks okay but look around you, what is happening to your own financial lives and the lives of your neighbors and friends.

Greenspan is an idiot....he was the one that helped to bring us all of this monetary and financial mess and now he stands up like GOD and criticizes the Fed (also known as Greenspan for decades) and tells us what is happening and is going to happen. The man should be sent off to some desolute island far, far away and made to be the fool that he is.

Don't listen to the advice of the media or the politicians that got us into this mess. It's time for Americans to cut through the BS and start getting their financial houses in order. I remember when I was a child and we had a roof over our heads (we shared rooms back then OMG!!), food on the table and were happy to play with each other and didn't need nintendo's, satelite the best sneakers etc. When I was young and married, I enjoyed cooking all of our meals (and I did work by the way) and not having to go to restaurants, movies and a big vacation every year. You don't need "things" to make you happy, just security and each other and as soon as the younger generation realizes that then the big banks and credit card companies will have a reality check.