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Chairman Schumer, Vice Chairman Maloney,
Representative Saxton, and other members of the Committee, I am
pleased to appear before the Joint Economic Committee. In response
to deterioration in the near-term outlook for the economy and
intensified strains in financial markets, in recent months the
Federal Reserve has eased monetary policy substantially further and
taken strong actions to increase market liquidity. In my remarks
today, I will first offer my views on conditions in financial
markets and the outlook for the U.S. economy, then discuss recent
actions taken by the Federal Reserve.
Although our recent actions appear to have
helped stabilize the situation somewhat, financial markets remain
under considerable stress. Pressures in short-term bank funding
markets, which had abated somewhat beginning late last year, have
increased once again. Many lenders have been reluctant to provide
credit to counterparties, especially leveraged investors, and have
increased the amount of collateral they require to back short-term
security financing agreements. To meet those demands, investors
have reduced their leverage and liquidated holdings of securities,
putting further downward pressure on security prices. |
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Commentary and Analysis:
Out goes Republican hatchetman (see the law skirting Trailhead 527)
and nice guy oilman Bruce Benson as head of the Denver
Public Schools Foundation. And in comes self-described homemaker
Kristin Richardson, another major Republican donor to head a
foundation that ostensibly supports an overwhelmingly poor Hispanic
and urban school district in very Democratic Denver.
Richardson has donated $25,000 to the Republican National
Committee, along with checks to Pete Coors, Bush-Cheney, the
American Renewal PAC,and Rick O'Donnell. The American Renewal PAC
has a track record of supporting the most conservative Republican
canidates for federal office. |
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Vail emergency responders are assisting
the Colorado State Patrol with a multiple-car accident on Vail
Pass. The accident resulted in a closure of the westbound lanes of
the interstate at approximately 1:24 p.m. today (3/31.)
Subsequently, at 1:50 p.m., the Colorado Department of
Transportation, at the joint request of the Colorado State Patrol
and Vail Fire and Emergency Services, closed the eastbound lanes
due to weather and to allow for the safe clean-up of the accident.
The closure is currently in effect eastbound from Eagle to Copper
Mountain and westbound from Copper Mountain to Vail. There is no
estimated time of reopening.
Motorists are being asked to stay off the
roads as much as possible. The Vail Village and LionsHead parking
structures are free today during the closure. Town of Vail
personnel are posted at Ford Park to assist stranded motorists in
turning around; East Vail residents are being allowed to continue
down the South Frontage Road. |
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