The food-stamp economy
On the last day of every month, shoppers at Walmart load their carts with food and household items and wait for the midnight hour. Is this the new normal in America? Full Article
Fed's Stern sees more job losses
CHICAGO (Reuters) - The United States economy is in for further job losses and soft consumer spending in the short run, which should help pull down inflation, Minneapolis Federal Reserve President Gary Stern said on Tuesday.
Most of Stern's comments to the Council of Institutional Investors meeting in Chicago focused on the need for a new bank supervision regime to address the issue of systemic risk, and were similar to remarks he made on August 14.
Moves by the Fed to bolster financial stability over the past year have been "appropriate," said Stern, who added that a comprehensive program is now needed to unlock frozen global credit markets.
(Reporting by Ros Krasny; Editing by James Dalgleish)
