Economic Statistics for 20 Jun 12 (Updated)
The following statistics were released today on the state of the US economy:
The Mortgage Bankers Association announced that Mortgage applications fell -0.8%, with new purchases down a very sharp -9.0% and re-fis up 1.0%.
UPDATE: The Federal Open Markets Committee announced that due to ongoing economic weakness the target for the Fed Funds rate will remain at 0%-0.25%, and is likely to remain at "exceptionally low levels" through late 2014. The Discount Rate will remain unchanged at 0.75%. "Operation Twist" which extends the maturity of securities held by the Fed by buying long-term notes and selling short-term ones, will continue.
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Dale Franks
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“The final conclusion to be drawn from our experience at the end of the last war is inescapable—were the war to end suddenly within the next 6 months, were we again planning to wind up our war effort in the greatest haste, to demobilize our armed forces, to liquidate price controls, to shift from astronomical deficits to even the large deficits of the thirties—then there would be ushered in the greatest period of unemployment and industrial dislocation which any economy has ever faced.”
—Paul Samuelson, 1943
“[A]t the end of 1946, less than a year and a half after V-J day, more than 10 million demobilized veterans and other millions of wartime workers have found employment in the swiftest and most gigantic change-over that any nation has ever made from war to peace.”
—Harry S. Truman, January 1947
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