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Second, and Possibly Third, Stimulus on the Way as Unemployment Poses Next Major Hurdle for the Economy
With gross domestic product plummeting and the jobless rate at a 14-year high, U.S. policymakers will have to author at least one more stimulus package in the months to come if they are to elbow aside the impact of high unemployment and depressed consumers.
"Investors have been reluctant to admit that this cycle, unlike 1998’s credit crisis, is imbedded in the real economy," Merrill Lynch & Co. Inc. (MER) investment strategist Richard Bernstein wrote in a research note last month. "The government can come up with any number of refinancing and liquidity plans, but households are likely to increasingly default on…
12Nov2008 | Money Morning | Comments Off | Continued
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