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Fed Offers Bleak Economic Outlook

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posted on Feb, 18 2009 @ 04:52 PM
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Fed Offers Bleak Economic Outlook


www.nytimes.com

The Federal Reserve cut its economic outlook for 2009 on Wednesday and warned that the United States economy would face an “unusually gradual and prolonged” period of recovery as the country struggles to climb out of a deep global downturn.


In economic projections released by the central bank, the Fed’s Open Market Committee said it expected that the economy would contract by 0.5 percent to 1.3 percent this year, that unemployment would rise to 8.5 to 8.8 percent and that inflation would remain under greater pressure. Bleak economic data reflecting a sharpening slide in housing, trade, industrial production, spending and employment rates “more than offset” any potential impact from an economic stimulus plan, the Fed said, forcing it to cut its economic outlook.
(visit the link for the full news article)




[edit on 18-2-2009 by SLAYER69]




posted on Feb, 18 2009 @ 04:52 PM
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Great here we go...

We are off to expand the war in Afghanistan and now this. I tell you what this is just getting better and better by the minute. They don't even try to help rebuild Consumer confidence.

I just love this part here. As our cash value goes down prices will go up NICE!



Economists said the Fed came closer than ever to setting an official target for inflation in its economic outlook when it projected that longer term inflation would be 1.7 to 2 percent.




www.nytimes.com
(visit the link for the full news article)

[edit on 18-2-2009 by SLAYER69]



posted on Feb, 18 2009 @ 04:58 PM
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[edit on 18-2-2009 by SLAYER69]



posted on Feb, 18 2009 @ 05:13 PM
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Remember all those great hope and changes speeches Obama gave about about the economy and how he had a plan to get us out of this mess. I think Obama finally hit reality. Maybe that is the reason he is constantly trying to lower expectations. Hard to tackle so many problems at once.


Barack Obama’s senior advisers have drawn up plans to lower expectations for his presidency if he wins next week’s election, amid concerns that many of his euphoric supporters are harbouring unrealistic hopes of what he can achieve.

The sudden financial crisis and the prospect of a deep and painful recession have increased the urgency inside the Obama team to bring people down to earth, after a campaign in which his soaring rhetoric and promises of “hope” and “change” are now confronted with the reality of a stricken economy.

One senior adviser told The Times that the first few weeks of the transition, immediately after the election, were critical, “so there’s not a vast mood swing from exhilaration and euphoria to despair”.


www.timesonline.co.uk...

If it wasn't for his arrogance I would probably feel sorry for the dude because things are about to get a whole lot bleaker IMO.



posted on Feb, 18 2009 @ 07:11 PM
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reply to post by jam321
 


You know whats really sad this is an awesome story but it's so bleak nobody wants to pay attention. Then when the SHTF everybody goes...

What happened?


Pfffft


[edit on 18-2-2009 by SLAYER69]



posted on Feb, 18 2009 @ 07:42 PM
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Well you think that the agency that got us into this mess would have a solution to the problem?



Now, we need to get rid of the fed! That's the only way to reestablish a sense of balance to the economy.



posted on Feb, 18 2009 @ 07:58 PM
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On the heels of disastrous recovery legislation what other outlook could they possibly offer?

We can't fix it, its going to get worse and we really don't know how bad it will get.

How much do these feds get paid to offer this outlook?



posted on Feb, 18 2009 @ 07:58 PM
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reply to post by Frankidealist35
 


I don't know if that would actually fix anything right now. True the Fed does more harm than good, but right now we need to fix the current corporate banking system as well.

I personally find it to be amazing that these individuals say we should give the banks MORE money to protect their assets. Look the fact is, our assets are their assets, but most banks loan out our money and write us IOU's until they go bankrupt and fall apart. Then the FDIC has to cover for them, which costs the US millions to billions of dollars.

It's outrageous. However I'm glad all the banks are crashing to the ground. Nothing makes me more happy than to see these snakes squerm under the weight of their own debt.



posted on Feb, 18 2009 @ 08:06 PM
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Bad is relative. Compared to European and Asian forecasts, these numbers don't look too bad.



posted on Feb, 18 2009 @ 08:44 PM
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reply to post by stevegmu
 


I just don't want people around the globe with their hands out for some stimulus money then turn around and bash the US or vote against us and think it's ok



posted on Feb, 18 2009 @ 08:55 PM
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Originally posted by SLAYER69
reply to post by stevegmu
 


I just don't want people around the globe with their hands out for some stimulus money then turn around and bash the US or vote against us and think it's ok


Haven't the UN and World Bank requested 'stimulus' money?
They are going to bash us anyway. The way I see it, they can bash us if it makes their bleak existence a little brighter.



posted on Feb, 18 2009 @ 09:11 PM
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Masters of the Obvious.

WELCOME TO THE PARTY BEN!!

Why don't you lower interests rates some more?

Oh wait you can't........

Dirty spineless pig.

Keep robbing the people of this country, we all know you love it.



posted on Feb, 18 2009 @ 09:18 PM
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Just thought I'd add:

I'm glad that someone with such a great understanding of the Great Depression is sending us STRAIGHT INTO ANOTHER ONE!



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