Ben Bernanke, the Federal Reserve Chairman, told congress today that he asked to sue AIG to prevent them from paying out the large bonuses, but was advised against it.
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Ben Bernanke, the Federal Reserve’s Chairman, gave a speech at the Council on Foreign Relations in Washington D.C. today.
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At a meeting with Congress this morning Ben Bernanke stated that the economic outlook has once again deteriorated and signaled that the central bank is ready to keep lowering rates as needed to combat economic deterioration.
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Ben Bernanke spoke today at the Committee on Banking, Housing, and Urban Affairs regarding the economy.
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At 2:15 PM today the Federal Reserve is expected to drop rates by a half of a point as part of an ongoing effort to combat the effects of the housing slump and credit crunch on the economy.
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The gross domestic product, which measures total goods and services output within US borders, hit a weaker than expected five year low of .6% in the fourth quarter of 2007.
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Fears of recession rise as the Federal Reserve had an emergency rate cut today lowering a key interest rate by three quarters of a percent.
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The Federal Reserve released this statement earlier today.
Joining in on the earlier Federal Reserve member’s speech, Federal Reserve Chairman Ben Bernanke spoke today at the Charlotte Chamber of Commerce about the credit market and monetary policy.
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James Lockhart, the Office of Federal Housing Enterprise Oversite director said in a statement today that “While the house price survey data used in determining the conforming limit shows a decline over the past year.. the level will remain at $417,000 for the third straight year.”
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