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Sen. Dodd Predicts Recession
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ShareNovember 11, 2007 12:37 PM
ABC News’ Mary Bruce Reports: Senate Banking Committee Chairman Senator Chris Dodd, D-Conn., predicted this morning that the country is headed into a recession. "Well, it's certainly pointing in that direction. We hope that's not the case, but there are many people who watch this minute to minute and would have drawn that conclusion. Some are even predicting a far greater likelihood than I would at this juncture," Dodd said in a "This Week with George Stephanopoulos” interview.
Dodd's outlook for the economy stands in opposition to comments made earlier in the week by Federal Reserve Chairman Ben Bernanke.
At a hearing of the Joint Economic Committee on Thursday, Bernanke said he expected growth to be sluggish going into next year – although he refrained from saying that a recession is on the horizon.
Dodd went on to highlight rising energy prices when asked what he felt could be done to turn the economy around. "I think certainly on energy prices, my hope would be the administration would be doing far more than just sort of sitting back. The impression is they are just sort of dealing back and not really dealing very effectively here with the producers of energy here to reduce that price. That's staggering, the cost of that is tremendous." he said.
On the mortgage crisis, Dodd responded to concerns there will be a continued wave of foreclosures next year. "I'll just mention this: Liquidity, liquidity, liquidity here. We're trying to get the administration to recognize that lifting the portfolio limits of Fannie Mae and Freddie Mac would do an awful lot more here. They've done some; they need to do more, in my view. That could offer a great deal of hope here to try and…ease the problem here, the mortgage crisis.” he said.
November 11, 2007 in Tancredo, Tom | Permalink | User Comments (7)
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So Dodd wants the government to bail out the rich and the banks? Great!!
Posted by: Joe Klein's conscience | Nov 11, 2007 8:13:05 PM
While I wouldn't cross the street to defend this administration, Senator Dodd has it wrong on energy prices. While there is instability in the Middle East, a lot of the price run-up in crude oil, according to analysts, is due to institution and hedge fund (speculative) buying, not a material shortage of oil.
Posted by: Jim | Nov 12, 2007 12:54:14 AM
Housing prices are going to collapse, fall 40% in california and there is NOTHING the government or anyone else can do about it.
A recession? Ha! We are headed for a full blown economic collapse and depression. All the talking heads are hugely underestimating the magnitude of this crash. Are they naive/stupid? More likely, they do not say how they truly feel in public?
Housing and the stock market are going to collapse, erasing trillions of dollars in wealth around the world.
Posted by: dan steinberg | Nov 12, 2007 2:04:03 AM
Geez - California is up over $4/gallon. What is going on out there? Talk about price gouging.
Posted by: Bob | Nov 12, 2007 8:04:40 AM
How can Dodd be so sure that the Democrat Party will win that he is predicting a Recession?
Posted by: JIM | Nov 12, 2007 11:34:48 AM
Dud who...... ? Does anybody besides ABC even listen to this wanabe somebody important........ heheheheh he is quite a fool........
Posted by: FidoNY | Nov 12, 2007 6:40:01 PM
Jim: "Analysts" are FULL OF IT!!!
Posted by: Albert Einstein | Nov 13, 2007 1:10:09 AM
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