In Berlin, Fed Chairman Alan Greenspan had these remarks (via Henry Hanks):
Federal Reserve chief Alan Greenspan said Tuesday he sees indications of a “fairly marked turnaround” in the U.S. economy.
Data for May suggest the economy has “stabilized,” he told a conference of top central bankers in Berlin.
“The acceleration has not yet begun,” he said, before noting that recovering stock markets and other indications “are suggestive of a fairly marked turnaround.”
Recent productivity gains and the impact of tax cuts taking effect July 1 will likely boost consumer spending and feed into the job market, Greenspan said, though he also injected some caution into his remarks.
“We are stabilizing and there is some indication of return, but it’s not at this stage by any means clear,” said Greenspan, addressing the conference via audio link.
The Dow over 9000, tax relief en route, dropping gas prices, and these remarks by Fed. Chairman Greenspan should make Dems a little nervous- but everyone should cross their figures and hope we really have the accelerated economy we need.
JT_Hunter
Now waite a minute. Is this the same Greenspan that not too long ago said that a tax cut would not help the economy?
Ricky
I’ve got a chart of the last quarters DOW performance. Needless to say, unless things change, it’s time for the donks to head back to the ‘we must find a campaign issue’ drawing board.
http://www.rjwest.com/mtarchives/attempted_humor/001431.html
JKC
Hey- I hope things are turning around, too. But let’s see how the unemployment numbers look before we break out the champagne.
And there’s still that pesky deficit looming.
I don’t mean to pee on anyone’s parade. After all, my retirement account’s doing better, too.
David Perron
It’s not clear, JT, that the tax cut had anything whatever to do with the economy picking up the pace. Which is why Greenspan was totally in the right in failing to make that point.