ECONOMY WEEKLY: WEEK OF OCTOBER 19, 2009

For Immediate Release:

October 23, 2009

Contact:Katie Grant
Stephanie Lundberg
(202) 225 - 3130

We made enormous progress [on the economy] since a year ago. We had a real panic. And if you didn’t panic, you didn’t understand what was going on. What happened in September and October of 2008 will particularly be remembered for a long, long time. And while the governmental

authorities malign things sometimes, they fortunately did some

very right things, very important things. They did them properly,

and they kept us from going over the cliff.”


  - Warren Buffett, 10/20/09

 
Economy Highlights:


• A Federal Reserve report released Wednesday shows that economic recovery is taking effect due in part to improvements in manufacturing and housing, the latter due in large part to the $8,000 credit for first-time homebuyers. According to the national survey, over the last 6 weeks, “many sectors” of the economy either stabilized or showed improvements. “[T]he new report adds to evidence that a recovery has started from the worst recession since the 1930s.” [Associated Press, 10/21/09]
 
• A new poll out this week shows that the economy is the primary concern of Americans, far outweighing other issues. Forty-five percent of those polled rated the economy as the most important issue facing our Nation, followed by 21 percent who said government spending. [Public Strategies Inc./Politico, 10/20/09]

 

Recovery Highlights:


• As part of continuing efforts to help small businesses during the economic downturn, President Obama announced new initiatives this week to support small business lending and provide more access to credit. The President announced steps to support lending by small banks and Community Development Financial Institutions (CDFIs) through the Financial Stability Plan and will seek legislation to increase the maximum size of three types of Small Business Administration loans. [Bloomberg, 10/21/09]
 
###
Posted in