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Question for August 13: The economy: How you doin'?
Economists expect Federal Reserve Chairman Alan Greenspan and his Federal Open Market Committee colleagues to leave the federal funds rate — the interest that banks charge each other on overnight loans — unchanged at 1.75 percent, a 40-year low, at their meeting Tuesday. An afternoon announcement is expected.
Anxious Americans, economic uncertainties and a roller-coaster stock market are motivation enough for the Federal Reserve to keep short-term interest rates low — or possibly nudge them down — in the months ahead, economists say.
Read your emails:
We are doing ok. Of course, we didn't get sucked into the get rich mentality of the 90's that caused people to invest in overpriced stocks and dotcom companies showing no profit and no hope of profit. All you had to do was look at how long it took the stock of big name companies like IBM to rise appreciably- sometimes nearly a century of slow but profitable growth to know that something was seriously smelly about stock prices going zero to a hundred in the blink of an eye. It was my opinion then and I have been proven right, that people would have been just as well off had they taken their money to Vegas. Yes, there are some crooked CEOs, but it is the eternal gullibility of the consumer, that "something for nothing" mentality that allows con men of all types to succeed.
R. Boutell (Marquette, MI)
You asked how we are doing, and I can say that even though our stocks are down, our lifestyle has not changed much. We are perhaps a little less frivolous, but want for nothing. God is good all the time in this the "greatest country on earth."
Al & Diane P.
I am in business to business sales (advertising) and the business owners I talk to all seem to be having a great year . . . much better than the last two. But every business owner seems to think other businesses aren't doing that well. It seems everyone thinks they are the exception when doing well is actually the rule.