Sunday, March 8, 2009

O: Don't Stuff $$ In Matresses

From Helene Cooper ans Sheryl Gay Stolberg in the New York Times:
Addressing the fear and uncertainty among Americans as job losses mount and stock markets sink, Mr. Obama urged Americans to “be prudent” in their personal financial decisions, but not to hunker down so much that it would further slow the recovery.
“What I don’t think people should do is suddenly stuff money in their mattresses and pull back completely from spending,” he said.
Still, he avoided guessing when the situation might begin to turn around. “Our belief and expectation is that we will get all the pillars in place for recovery this year,” he said. “How long it will take before recovery actually translates into stronger job markets and so forth is going to depend on a whole range of factors.” . . .

Mr. Obama’s uncertain forecast about when the economy will begin to rebound contrasted with the projections embedded in the budget he recently released.
That plan rested on the assumption that the economy would shrink by 1.2 percent this year, a projection that many economists, including some in his administration, consider overly optimistic because it implies the economy would bounce back in the second half of this year.

Don't "stuff money in their matresses?" I've heard of stuffing money under the matresses but in the matress? That's a new one.

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