Fed's Dudley: Need more vigorous recovery before rate hike

Reuters ^ | January 13, 2010 | Kristina Cooke

[Cheap_Hessian]

NEW YORK (Reuters) - A top U.S. Federal Reserve policy maker said on Wednesday that he would like to see a more vigorous economic recovery and a drop in the jobless rate before the U.S. central bank raises interest rates.

William Dudley, president of the New York Federal Reserve Bank, told PBS' Nightly Business Report television program that continued banking problems and the decline in household wealth during the crisis pose obstacles to economic growth.

"I think it's a recovery that isn't as strong as we would like," Dudley said according to a transcript of the interview.

[octex]

Why do the stooges in the Fed and Treasury Dept. keep referring to the US undergoing “recovery” from the recession? There has been NO recovery, other than the fact that the DJ and S&P numbers have gone up on the NYSE. NO recovery for the overwhelming majority of American citizens, including those who are added to the roll of the unemployed every day. .....Why have the MSM and people in general across the country not made a loud outcry regarding the blatant lies spewing from Obama and his sock puppet Gibbs?

[The Working Man]

Personally, I think they have been reading one to many “self-help” books. Where they say positive thinking will prove the key to your success.

Possibly that’s true, it certainly can’t hurt on a personal basis. But telling obvious untruths to the populous will not be beneficial to them when it comes time tell the unvarnished truth. Be that truth positive or negative. The people will just not swallow it whole without a lot of coroborating evidence.

[2001convSVT]

“I think it’s a recovery that isn’t as strong as we would like,” Dudley said

Could it be that WE HAVE NO RECOVERY! and we haven’t reached bottom yet? I just hope that we don’t go into depression, because of the geniuses in Washington that have abandoned free market principals to save it!