Greg Ip

Articles by The Economist’s U.S. Economics Editor

Archive for September 2008

A $700 billion bail-out: will it work?

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America’s bail-out plan

The doctors’ bill

Sep 25th 2008 | WASHINGTON, DC
From The Economist print edition

 Original link


The chairman of the Federal Reserve and the treasury secretary give Congress a gloomy prognosis for the economy, and propose a drastic remedy



AMERICAN congressmen are used to hyperbole, but they were left speechless by the dire scenario Ben Bernanke, the chairman of the Federal Reserve, painted for them on the night of September 18th. He “told us that our American economy’s arteries, our financial system, is clogged, and if we don’t act, the patient will surely suffer a heart attack, maybe next week, maybe in six months, but it will happen,” according to Charles Schumer, a Democratic senator from New York. Mr Schumer’s interpretation: failure to act would cause “a depression”. Read the rest of this entry »


Written by gregip

September 25, 2008 at 10:34 pm