Monday, August 29, 2005

Nothin' like a hurricane to get a pol worried about an election

The fallout from Katrina is already in the works. From Iowa Voice a link and some comments on the President's move to tap the oil reserves.

No final decision, that will come later today when team Bush factors in all the devastation, including the potential devastation to GOP majorities if we slide into a rough and tumble recession prior to November of 06.

Although economic growth in the third quarter should be gangbusters, economists said the slowdown will become apparent late this year or early next.

There is going to be a "marked deceleration of the rate of growth of consumption," in the fourth quarter, said Mikey Levy, chief economist at Bank of America.

"We're facing the prospect of a slowdown early next year. It could be exacerbated by big oil prices," agreed Lyle Gramley, a former Fed governor and now a senior economic adviser at Stanford Washington Research Group. (Excerpt from the linked MarketWatch story)

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