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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsUS Economy Faces Risk of 'Fiscal Cliff': Fed Officials
http://www.cnbc.com/id/47246646Two Federal Reserve officials warned Tuesday that the U.S. could be heading for a "fiscal cliff" at year's end if mandated tax increases and spending cuts are implemented.
Charles Evans of the Chicago Fed called the cliff a "big uncertainty" while Atlanta Fed President Dennis Lockhart said there could be a "financial shock" if markets begin to anticipate that Congress and the White House do little to address this situation.
The expected tax increases and spending cuts were triggered when a congressional "super committee" failed to come up with a way of closing the federal budget deficit.
Both Fed officials spoke during the Milken conference in Los Angeles. Earlier Tuesday, on CNBC, both agreed the slowing U.S. economy is disappointing, but differed on the need for continued stimulus.
more at link...
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I don't know what to make of this. It sounds like disingenious bullshit to me. Of the feds being in the pocket of the right wing.
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US Economy Faces Risk of 'Fiscal Cliff': Fed Officials (Original Post)
Javaman
May 2012
OP
xchrom
(108,903 posts)1. i don't think the super dooper committee knew/knows what it's about -- but neither
do i think traditional experts know what the fuck they are on about.
all of these people need to take a long look in the mirror and say -- i am part of the problem -- i helped to break it -- i don't know jack shit.
global1
(25,294 posts)2. So This "Fiscal Cliff" Is Timed Perfectly For The Election - Hmmmm.......nt
Javaman
(62,534 posts)3. I noticed that as well. nt
banned from Kos
(4,017 posts)5. No its not. They are talking the year end Bush tax cut expiry.
effective Jan 1, 2013.
GeorgeGist
(25,326 posts)4. Lest we forget ...
Herman '999' McCain was once head of the Kansas City Fed.
banned from Kos
(4,017 posts)6. Cain wasn't, fwiw.
He was on the Board of Directors.
Like Hillary Clinton was on the Board of Wal-Mart. A local name. Cain never made an important decision there.
cthulu2016
(10,960 posts)7. Not Right Wing at all
The left wing view, which is fact based, recognizes that the package of policies described will cut a chunk out of US GDP and could send us into a double-dip recession.