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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: pater tenebrarum who wrote (53468)1/3/2001 3:33:33 PM
From: yard_man  Read Replies (1) of 436258
 
Oh yeah <g> well ... (Lindsey is a really bad pick -- Bush is going to make it worse(r))

>>NEVER WRONG

The Fed's move came as Bush was meeting with more than 30 business executives and chief executives about the state of the economy in a hotel in Austin, Texas.

Suddenly Lawrence Lindsey, Bush's chief economic adviser and a former Fed governor himself, burst into an adjoining room where the media were being held to pick up the news from a television set. Asked how he felt, Lindsey beamed and said: ``Great. The Fed is always right.''

In recent weeks, Bush and his team have repeatedly warned the U.S. economy is at risk of a dramatic slowdown, arguing this bolsters the case for an aggressive tax cut that has been a centerpiece of Bush's election campaign.

Wednesday's rate cut came hot on the heels of a slew of data which many analysts say have raised the odds of a sharp economic downturn that could hurt the rest of the world.

While a majority of economists is as yet unwilling to talk about a looming recession -- officially defined as two successive quarters of negative growth -- almost all forecasters have been scurrying to slash their U.S. growth forecasts dramatically.

A chilling report on manufacturing activity released on Tuesday added to the doom and gloom among many in U.S. financial markets. The National Association of Purchasing Manufacturers said manufacturing activity in December slumped to its lowest level in almost a decade.

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