Ben Bernanke, Federal Reserve Chairman, spoke today before the National Association of Business Economics in Washington, D.C.
Excerpts:
"Overall, the combination of the incoming data and recent financial developments suggests that the outlook for economic growth has worsened and that the downside risks to growth have increased. In light of these developments, the Federal Reserve will need to consider whether the current stance of policy remains appropriate."
"The heightened financial turmoil that we have experienced of late may well lengthen the period of weak economic performance."
As I post this, the DJIA is down another 485.61.
I am not an economist or an expert, but this recession is going to be the mother of all recessions. The capitalists wanted leverage? Here are the results of their disastrous policies. We know which party caused this state of affairs. On November 4 we can begin to take steps toward much needed change.
4:05 p.m. Another massacre! DJIA closes at 9,447.11, down -508.39 or -5.11%.
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