Tuesday, December 2, 2008

Breaking News: It’s a Recession

The U.S. economy is in a recession, and it started last December. But good news: the Bush administration is going to get right on it.

Both the chairman of the Federal Reserve, Ben S. Bernanke, and the Treasury secretary, Henry M. Paulson Jr., vowed to use all the tools at their disposal to restore a measure of normalcy to the economy.

Mr. Bernanke, speaking to business leaders in Austin, Tex., said it was “certainly feasible” to reduce the Fed’s benchmark overnight lending rate below its current target of 1 percent, signaling that the central bank would lower the rate at its next policy meeting in two weeks.

In other news, Galveston has been hit by Hurricane Ike.