Stockman Scott's Political Debate Porch Message Board

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Politics : Stockman Scott's Political Debate Porch

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To: Jim Willie CB who wrote (9197)	11/13/2002 3:57:12 PM
From: stockman_scott	Read Replies (1) of 89467

The Fed is putting on a brave face as it tries to avert a recession...Vice Chair Ferguson is quoted here and may have been whistling past the graveyard <G>... <<...Ferguson also discounted another concern of some analysts, that the United States may be vulnerable to deflation, a widespread decline in prices, saying the risk is "remote." He said economics literature advises "preemptive and aggressive" action to minimize deflation risks. Should deflation emerge, Ferguson said, "I believe that the Federal Reserve would demonstrate a commitment to such timely and decisive action." Ferguson dismissed concerns that Fed policy was losing its punch, noting that interest-rate cuts have always worked, albeit with long and variable lags. Another voting member of the Fed's policy-setting FOMC, Philadelphia Fed President Anthony Santomero, also pooh-poohed the idea that the U.S. central bank was diluting its stimulative punch. "I am not concerned," Santomero said in a conference with reporters. "I think our job is to determine appropriate policy for the moment. We have demonstrated with the mildness of this recession that counter-cyclical policy is effective."...>> biz.yahoo.com

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