September 03, 2005

Can we say 'complacent'?

Dubya administration officials say that the US economy will not be badly affected by Hurricane Katrina. Three or four months of sub-par performance is the most likely scenario, they say.

Treasury Secretary John Snow said he had discussed the disaster with Federal Reserve Chairman Alan Greenspan.

He said both men felt it would not have a significant long-term effect on the US economy, although growth would be slowed for a short period.

Remember: This is the same administration that ran the economy into the ground while denying that anything was wrong. And which said that Iraq was going to be a cakewalk.

Via BBC.

More: For a more realistic view of the US economy after Katrina, we suggest reading this Washington Post article.

Posted by Magpie at September 3, 2005 11:55 AM | Economy | TrackBack(1) | Technorati links |