Tuesday, November 20, 2012

Fiscal issues

"Stocks declined in choppy trading Tuesday after Fed Chairman Bernanke said the central bank does not have the tools to offset the full harm of going off the "fiscal cliff."

"[The Fed] can certainly have a meaningful contribution to supporting recovery, but in the worst case scenario where the economy goes off the broad fiscal cliff, which according to CBO and to our own analysis, the Fed [doesn't have the] tools to offset that," said Bernanke at the Economic Club in New York. "So it's important for congress to address the fiscal issues soon."

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