July 2, 2004

Economic Recovery

This mornings AP Labor Wire, contained this statement:
The quarter-point increase was the first change since the funds rate was cut to a 46-year low of 1 percent in June 2003.

That had marked the 13th Fed rate cut in a series that began back in January 2001 as the central bank battled to jump-start an economy staggered by a series of blows, from a plunging stock market and the 2001 recession to terrorist attacks and two wars.

So what this is saying is that this is the first time in George Bush's administration that the Feds increased their rates. Why did George Bush want to Allen Greenspan to stay on?

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