Fed Chief Backs Quick Action to Aid Economy. But he says there is no recession looming.
No recession looming, but he is backing a stimulus package, why, exactly? For the last 35 years, the Fed has been absolutely paranoid on the issue of avoiding inflation. The Fed would rather see 15% unemployment and breadlines if the other option was a late `70s round of inflation. But with supposedly no recession, the Fed is just fine with dumping more deficit spending out there?
And you know for damn sure without reading a word that Bush's idea of an economic stimulus package is "More Tax Cuts For the Rich."
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