The economic outlook for the next two years is worse than expected, say Federal Reserve policymakers, who warned today the economy is contracting at a "disturbing pace."..and the beat goes on.
In a speech at the National Press Club, Federal Reserve Chairman Ben Bernanke pointed to "dismal" economic data while another top Fed official warned of the need for even more stimulus, even with interest rates set near zero.
Evidence of further economic gloom, the officials say, can be seen in figures showing a curtailment of big industry production in January and record-low housing construction.
Meanwhile, governments worldwide that already have poured billions of dollars into failing banks are considering seizing full control of financial institutions.
And the Constitution provides for this power... where?
You know, that Russky who predicted the fall of the United States within the next couple of years may not have been that batty after all.