The US economy is clearly in a very problematic situation. The outlook for 2008 is clouded by the vu...
The US economy is clearly in a very problematic situation. The outlook for 2008 is clouded by the vulnerability of US consumer demand as a result of the housing market slump. The problems are too serious to be eliminated in a matter of weeks or even quarters. But these clouds do have a silver lining, in the form of the rapid response by the Federal Reserve, as well as the US government, in slashing interest rates and pushing through a fiscal stimulus package. Central banks are making frantic efforts to reflate the economy. There are good reasons for them to do this. Will they succeed? T...
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