The economy turns out to be weaker than we thought, and the outlook for the rest of the year is now looking dimmer.
New figures issued Friday show the economy struggled this spring, growing at a meager 1.6 percent annual pace. The initial estimate was 2.4 percent, and even that was anemic. Analysts say the summer should be disappointing, too.
Shortly after the government's revision, Federal reserve chief Ben Bernanke said the Fed was ready to take additional steps to prevent a second recession, if the economy deteriorates further. But he stopped short of promising any action.
The Fed "will do all that it can to ensure continuation of the economic recovery," he said.
Umm.... okay... what?!... another "stimulus" bailout?... print more paper money?... drop interest rates close to zero like Japan did in the late 80s?... *sigh*