Monday, October 20, 2008
What's with that clock and why must it be right there between Fed Chief Bernanke and the CSPAN camera? The same image appeared in this Wall Street Journal account of the House Budget Committee meeting today where the new economic stimulus was discussed.
The oddity of hearing committee chairman John Spratt (D-South Carolina) pronounce the word "tranche" when referring to the first $250 billion of government money now being exchanged for bank shares notwithstanding, it was another rather dull affair, highlighted by the following endorsement from the central bank.
With the economy likely to be weak for several quarters and with some risk of a protracted slowdown, consideration of a fiscal package by the Congress at this juncture seems appropriate.In the Q&A session afterward, Republicans seemed to want to turn the discussion into one about taxes, which shouldn't be all that surprising given their party's dimming hopes in November, while Democrats were concerned about the taxpayers themselves and how they might be protected given all money now gushing from Washington D.C.
There's more in this report by Rex Nutting at MarketWatch.