I still believe the fundamentals of our economy are strong. (8/20/08)
REALITY:
"Although we have seen improved functioning in some markets, the financial storm that reached gale force some weeks before our last meeting here in Jackson Hole has not yet subsided, and its effects on the broader economy are becoming apparent in the form of softening economic activity and rising unemployment. Add to this mix a jump in inflation, in part the product of a global commodity boom, and the result has been one of the most challenging economic and policy environments in memory".
- Ben Bernanke, Chairman of the Federal Reserve, 8/22/08
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