"U.S. Treasury Secretary John Snow on Wednesday urged Congress to extend expiring tax cuts and control spending to promote economic growth and create jobs." (Reuters)
"Ben Bernanke, a plain-speaking former economics professor, was chosen Monday by President Bush to be the next chairman of the Federal Reserve, the most influential economic policy job in the world.
If approved by the Senate, Bernanke would succeed Alan Greenspan, who has spent 18 years at the helm and is expected to step down Jan. 31. Bush called Greenspan a "legend," and Bernanke promised to continue the chairman's policies." By JEANNINE AVERSA, AP Economics Writer
So, let's get this straight... the U.S. Treasury Secretary has concerns about the economy faltering and wants to extend tax credits to keep the economy strong and growing. Meanwhile, the Federal Reserve, now headed by Ben Bernanke, is concerned about the economy being too strong and inflation being a big problem.
- US home loan applications slide to 6-month low (that's an oops)
- Growth seen pushing US yields up to new range (that's an aaah)
- Treasuries fall amid mortgage-related selling (that's an oops)
- US stocks cut gains on oil's rise, mixed earnings (that's an oops)
- Bush says open to across-the-board spending cuts (that's an aaah)
By the way, today's Detroit Free Press commented on the excessive spending in the U.S. Okay, that's only a month after...