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United States Economy Essay

Abstract

From the big industrial giants to the backstreets and alleys of the least developed nations, all are not exempted from the effects of the global economic slowdown. Most pray that the slowdown is not for the long haul, while others contend that it is just a phase that the world is experiencing. For the United States, the econmoic managers are preparing the nation for the former, in the eventaulity that the phenomemon will be here longer than expected. How bad is it? How will the U.S cope?

The U.S. Economy: A last gasp, or hoping for the best?

Federal Reserve chief Ben Bernanke is quietly preparing Americans for the worst, although dabbling in semantic maneuverings, dodging giving out the word “recession” to describe the state of the economy (Steven Weisman, 2008). Bernanke (2008) even painted a gloomier picture by stating that the bearish mode that the U.S exports and spending by consumers will be at best exceeding expectations and the current housing crisis will continue to weaken (Weisman, 2008).

President Bush has asked for legislation to aid two housing giants, Freddie Mac and Fannie Mae, out of their financial morass and get these two entities back on their feet (Weisman, 2008). But the

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proposal came under an intense backlash, from the Presdident’s own Republicans, as they expressed concerns on liabilities born by taxpayers (Weisman, 2008).

What’s the message again?

Word-play seems to be the tactic of the Fed chief as well as the Bush administration. Another term would be double-speak. While the President is harping on the message of hope for the American people, Bernanke comes out of the woodwork and presents a rather gloomy vision of what the economy is currently facing. Not only is the Fed chairman in a quandary over the message he seems to be making, a report from the Federal Deposit nsurance Commission that banks will continue to feel the pressure bought on by the undeclared “recession” (Weisman, 2008).

Even this report was subjected to verbal sanitation by Bernanke, that though the danger to the banking industry was present, Bernanke (2008) avers that it was not so, as the bulk of the banking institutions remain in the black (Weisman, 2008). Though Mr. Bernanke was just stating the facts, the best he could do was tell one picture rather than making one dreary picture and try to spice it up by putting beside another, which may or may not occur in the first place. Raising hopes can better be done by just saying where the economy is at present. Then they can go on and say what the economy needs to get it back on its feet.

References

Weisman, S.R. (2008, July 16). Fed chief bleak on economic outlook. The New York Times.       Retrieved July 16, 2008, from            http://www.nytimes.com/2008/07/16/business/economy/16econ.html?       pagewanted=1&_r=1&ref=business

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