Bush Doesn't Get Credit for the great economy he Runs according to republican media shills
Oil prices plunged and the dollar fell sharply last night amid fears that the US economy is buckling under the weight of rising interest rates and the threefold increase in oil prices.
Wall Street was urging the Federal Reserve to hold back from an expected rise in interest rates next month after the commerce department in Washington reported that the growth rate in the world's biggest economy more than halved in the second quarter of 2006.
Evidence of a marked slowdown in the housing market - the mainstay of the economy in recent years - and an end to the government spending spree to rebuild the southern states devastated by Hurricane Katrina meant the economy was expanding at an annual rate of 2.5% in the three months to June. In the first quarter, growth was an annualised 5.6%.
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Wall Street was urging the Federal Reserve to hold back from an expected rise in interest rates next month after the commerce department in Washington reported that the growth rate in the world's biggest economy more than halved in the second quarter of 2006.
Evidence of a marked slowdown in the housing market - the mainstay of the economy in recent years - and an end to the government spending spree to rebuild the southern states devastated by Hurricane Katrina meant the economy was expanding at an annual rate of 2.5% in the three months to June. In the first quarter, growth was an annualised 5.6%.
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posted by TheFuriousGourmet | 6:35 AM
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