Gloomy Economic Outlook
Jul 15th, 2008 by Elaine
The bumpy ride is expected to continue according to Federal Reserve Chairman Ben Bernanke. Well I think the American people have already figured that out for themselves Mr. Bernanke.
NEW YORK (CNNMoney.com) — The housing finance crisis and spiraling energy costs will remain a drag on the U.S. economy for the rest of the year, Federal Reserve Chairman Ben Bernanke told lawmakers in a gloomy presentation about the economic outlook.
“The economy continues to face numerous difficulties, including ongoing strains in financial markets, declining house prices, a softening labor market, and rising prices of oil, food, and some other commodities,” Bernanke told the Senate Banking Committee early Tuesday.
The nation’s top central banker warned “many financial markets and institutions remain under considerable stress, in part because the outlook for the economy, and thus for credit quality, remains uncertain.”
Entire story here: should you care to read the gloom and doom forecast.
And from President Bush today:
“When will the economy turn around? I’m not an economist,” said Bush, responding to a reporter’s question. “But I do believe we’re growing. I’m an optimist, and there are a lot of positive things about our economy.”
So there you have it, gloom and doom from the Federal Reserve Chairman and positive things about the economy from our President. Which one do you believe? 
Also, Today in history:
1606 Dutch painter Rembrandt is born in Leiden, Netherlands,
1870 Georgia becomes last confederate state readmitted to the Union (note the USA not USSR)
1971 President Nixon announces he will visit China
2003 Tex Schramm whod turned the Dallas Cowboys into “America’s Team” dies in Dallas at 83.
2007 The Roman Catholic Archdiocese of LA announces it is settling clergy sex-abuse cases for $660 million.
2008 The last time that the All Star game will be played at Yankee Stadium.