Fed vice chairman yesterday said it yesterday. Now Ben B is confirming the rate cut. It was not like it was a secret.
It is interesting that he thinks we will avoid a recession. If they think we can avoid a recession, it looks like they are day dreaming.
Bernanke said he expects consumer spending will continue to grow and suggested the country can withstand the current problems without falling into a recession. But he indicated that consumers could turn more cautious as they try to cope with all the stresses.
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