Rrrrrr…rrrrrr….recession
Jan 12th, 2008 at 9:11 am by Susie
Listening to the “experts” argue about recession reminds me of when Fonzie would try to admit he was “wrrrr…rrrr….rrrong.” Yoo hoo, Charlie - everybody’s worried and this ain’t going away anytime soon:
WASHINGTON (Thomson Financial) - Consumer spending is causing the Fed’s biggest concern about the economy right now, Philadelphia Federal Reserve Bank President Charles Plosser said today.
Although consumers have been ‘relatively strong and resilient’ since last summer, he said, ‘the combined weakness in wealth — that is both housing wealth and stock market wealth — and some softness in employment growth seem to be suggesting that the robustness of consumer spending going forward may not be as healthy as we thought it was just a few months ago.’
Speaking in an interview on the PBS Nightly Business Report, which released a transcript of his remarks in advance of tonight’s broadcast, he refused to be dragged into predicting a recession, despite the accumulating economic weakness.
‘I am more uncertain about the future path of the economy than I once was,’ Plosser conceded, ‘but my forecast at this point does not include a recession.’
