[Newspoetry] News for July 7th, 2002

[Joe Futrelle]

July 7, 2002

Washington, D.C. (Associated Poets) -- In another in a series of
attempts to stimulate the slowing economy, Federal Reserve chariman
Alan Greenspan lowered a key interest rate another 1/2 point to -2%.

"There are continuing signs of weakness in the economy," he said in a
hearing before the Senate Committee on Fiscal Policy, "and further
stimulus is required."

Greenspan noted that inflation shot up nearly 700% after the
short-term interest rate dropped below 0%.  "This development shows
how urgently stimulus is needed," Greenspan pointed out.

On the subject of tax cuts, Greenspan was more circumspect.  He called
for a 710% increase in the budget of the Federal Reserve, a move he
described as a "cost of living increase", but declined to say where
the revenue would come from.  When pointedly asked whether the
government should just borrow money from itself in order to pay its
bills, he paused, then ran screaming from the room, flinging papers
everywhere.  He has not been seen since.

--
Joe Futrelle
editor-vis-a-vis-chief
Newspoetry . com