Thursday :: Mar 6, 2003

Issue an APB for Bob Rubin?


by Steve

As new Treasury Secretary John Snow makes his first major mistake by inadvertently talking down the dollar, it makes me miss Robert Rubin all the more.

And Mr. Snow will have his work cut out for him as the Fed confirms that we have had almost no growth anywhere in the country for the first two months of the year. Funny how the Washington Post hasn’t run with this so far.

Underscoring the debilitating effect that tensions with Iraq are having on the economy, the Federal Reserve released a report Wednesday showing growth had stagnated in virtually every corner of the country in the first two months of the year.

While wars often have pronounced economic effects, Wednesday's report follows a series of recent data that suggest the protracted nature of the standoff is becoming a damaging phenomenon of its own, even before hostilities begin.

Indicators point to the damage to the confidence of consumers and the psychology of business leaders. Both are indicating a wariness to open their pocketbooks until a clearer picture of the Mideast conflict emerges. Consumer confidence in Florida is at its lowest level since 1993, according to the Bureau of Economic and Business Research.

It took the Miami Herald to put this story up, with special reference to Florida’s troubles of late. Looks like Jeb will have his work cut out for him to steal the state for his brother again.

Steve :: 10:56 AM :: Comments (4) :: Digg It!