WP:Greenspan Tells Panel Economy in "Soft Patch," Expansion Not Threatened

[DeepModem Mom]

Economy in 'Soft Patch,' Greenspan Tells Panel
But Fed Chairman Says Expansion Not Threatened
By Nell Henderson
Washington Post Staff Writer
Wednesday, July 21, 2004; Page E01


Federal Reserve Chairman Alan Greenspan said yesterday that the U.S. economy is "going through a soft patch," but that it won't hold back a "broadening" economic expansion that has gained momentum this year.

High energy prices in recent months have both boosted inflation and sapped consumers' spending power, Greenspan told members of the Senate Banking Committee at a semiannual hearing on Fed policies.

But the recent flare-up in inflation should prove temporary, Greenspan said, adding that the Fed still expects to raise short-term interest rates only gradually in coming months....

***

Greenspan rejected suggestions that the economy has shown signs of "significant weakness developing." Retail sales, industrial production, housing starts and the pace of job gains all fell in June, causing some analysts to wonder whether the economy was falling back into an uneven, halting recovery after months of relatively strong growth.

Many analysts estimate that economic growth slowed in the past three months to an annual rate below the 3.9 percent pace of the first quarter.

"While there has been weakness in June. . . . I might say that July seems to be somewhat better, even though we are going through a soft patch," Greenspan said in response to a question from Sen. Elizabeth Dole (R-N.C.). "There is no real underlying evidence of any cumulative weakness here."...


http://www.washingtonpost.com/wp-dyn/articles/A149-2004Jul20.html

[izzie]

1. His show is getting old.

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[Piperay]

2. "Soft patch"

in other words it is going down the tubes. x(

[area51]

3. "soft patch",

my ass. We've never had a recovery. Watch the republinazis suddenly take notice of all the unemployed people once Pres. Kerry gets in the White House.

[Media_Lies_Daily]

4. Newsflash: We've been in a "soft patch" since March 2001....

...just ask all of the unemployed that have gone off the state unemployment insurance rolls.

Just ask all of the people that have gone through one of the record rate of foreclosures and/or bankruptcies.

Just ask all of the small business owners that have been forced to set aside their dreams to go back to a 9-5 job, usually much lower paying.

Just ask all of the people that can no longer afford health care.

Just ask all the working people that are currently being stretched to the limit by the rising costs of gasoline, utilities, and food.

And finally, just ask all of the elderly that are on fixed incomes that are forced to juggle payments for the rising costs of food, medicine, utilities, and shelter.

[readmylips]

5. Democrat Barney Franks and others.....

asked real questions and put that old bastard Greenspan to shame. Barney, with documents in hand, asked Greenspan questions about his policies during the Clinton administration. Policies Greenspan supported 100%, and policies that worked for the country. Barney almost accused him of playing politics. There was another democrat female Senator and a Black Senator, they asked hard questions on behalf of the working class of America. Their jobs are being outsourced or forced to take low paying jobs.

[daleo]

6. I don't think there is a black senator

Perhaps someone from the house of representatives.