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Business Forum Central bankers see more pain for U.S. economy at News Forum - Reuters - Central bankers past and present warned on Tuesday of more pain to come for the U.S. economy and ...

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Old 11-06-2007, 09:54 AM   #1
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Default Central bankers see more pain for U.S. economy

Reuters - Central bankers past and present warned on Tuesday of more pain to come for the U.S. economy and that banks worldwide could take several months yet to reveal full losses from U.S. subprime mortgage lending.



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Old 11-06-2007, 12:52 PM   #2
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As if home prices aren't being slashed already...

Greenspan: Cut home inventories
November 6 2007: Ex-Fed chairman also says strong management by central banks can help global economies through higher commodity prices.
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Former Federal Reserve Chairman Alan Greenspan said Tuesday that cutting excess home inventories in the United States is key to stabilize the financial system at home and the rest of the world. "The critical issue on the whole subprime, and by extension, the international financial system rests very narrowly on getting rid of probably 200,000-300,000 excess units in inventory," Greenspan told a business leaders' forum videoconference in Tokyo from Washington.

The former Fed chairman urged central banks to avoid suppressing asset bubbles, which is "exceptionally difficult" to do. Greenspan also said the global economy can handle higher commodity prices through strong monetary policies by central banks and that he expected major increases in commodity demand from rapidly developing nations. Central banks avoid worldwide inflation by maintaining monetary tightness at appropriate levels, he said.

"I'm concerned that we were moving from this 20- to 18-year disinflationary period and beginning to move in the other direction," Greenspan said. Despite crude oil prices being above $90 a barrel, the global economy is still functioning, he said, indicating that the "underlying structure is doing well." Greenspan also predicted that the U.S. dollar will fall further against East Asian currencies in the long term if technological innovation boosts productivity, standards of living and therefore growth in the region.

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Higher commodity prices??

Aren't oil prices high enough already???
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Old 11-06-2007, 01:11 PM   #3
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the dollar... stick a fork in it.

thank you federal reserve.
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