US Fed Chairman Dr Ben S Bernanke said in a speech in the US at the Economic Club of New York dinner that he expects the housing slump will be a significant drag on US growth into next year ...
... although evidence of a broader impact on spending is limited.
In response to a question from Henry Kaufman the former Salomon Brothers Inc economist who now has a New York firm under his name, Dr Bernanke said the credit slump has revealed a weakness in valuations for structured credit products in periods of stress. Dr Bernanke said the US economy's performance this year has been reasonably good although there are signs that the job market is cooling.
crash week, page-72
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