Busted: Bankers and The Global Economy

October 15, 2007

Fed says Housing Correction Underway

Filed under: banking, federal reserve, government, money — Tags: , , , , , , — digitaleconomy @ 2:45 pm

“The past several months have been an eventful period for the U.S. economy. In financial markets, sharpened concerns about credit quality induced a retrenchment by investors, leading in some cases to significant deterioration in market functioning. For some households and firms, credit became harder to obtain and, for those who could obtain it, more costly. Tightening credit conditions in turn threatened to intensify the ongoing correction in the housing market and to restrain economic growth.”
~ Fed Chairman Ben S. Bernanke, October 15, 2007

The Recent Financial Turmoil and its Economic and Policy Consequences

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