Daily Revolt

April 29, 2007

Fed's Yellen says U.S. Economic Downturn Possible

Not only is it possible, its likely:
There is the potential for a downturn in the U.S. economy that could have ripple effects around the world, San Francisco Federal Reserve President Janet Yellen said on Saturday.

Economic downturns are a normal part of the capitalist system. It is also a consequence of dumb leadership:
The U.S. economy expanded at a sluggish 1.3 percent in the first quarter of 2007, the Commerce Department said on Friday, reflecting declines in the housing market and a pickup in inflation. It was the fourth consecutive quarter of sub-par growth in the world's largest economy.

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