Democratic Underground - Bernanke-gasoline price hikes a drag on US economy

Reply #111: Bernanke-gasoline price hikes a drag on US economy [View All]

UpInArms

(1000+ posts) Send PM | Profile | Ignore

Thu Jan-17-08 02:11 PM
Response to Original message

111. Bernanke-gasoline price hikes a drag on US economy

http://www.reuters.com/article/bondsNews/idUSWBT00819220080117

WASHINGTON, Jan 17 (Reuters) - The increase in gasoline prices in the past year have shaved a half-percentage point from U.S. economic growth and will drag on consumer spending, Federal Reserve Chairman Ben Bernanke said on Thursday

"That really is a drag on the consumer going forward. Along with housing, subprime issues, financial issues, that is another factor that is contributing to the slowing of the economy," Bernanke told the House of Representatives Budget Committee.

...more...

gee - I didn't see hide nor hair of this asswipe when BIG OIL was declaring record profits over the past 7 years.

:argh:

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Reply #111: Bernanke-gasoline price hikes a drag on US economy [View All]