The US Housing Market and the Subprime Mortgage Crisis (B): Impact on the US Economy |
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“The Federal Reserve is not currently forecasting a recession.”1 - Ben Bernanke, Chairman of the US Federal Reserve, in January 2008. “The economy is strong, flexible and dynamic enough to weather this storm.”2 - George W. Bush, President of the United States, in December 2007. “Housing has been providing a headwind to the economy, and there is a penalty to growth from the current situation in housing.”3 - Robert Steel, the US Treasury Under-Secretary for Domestic Finance, in October 2007. Introduction
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1] “Fed Boss Says 2008 Outlook Worse,” http://news.bbc.co.uk,
January 11, 2008. |
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