Surprise!
The following excerpt is quite amusing in that the Fed admits the economy is slowing and doesn't know why. Surprise!

But, let's think through this thing one step further. If they are willing to publicly concede that the economy is in the tank, then how bad must things REALLY be? Obviously, if there were ANY hope for a recovery soon, they would not be admitting what those who have been paying attention already knows...... that it is going to get a lot worse before it gets better. Personally, I view the following article as simply an attempt by the powers-that-be to let the public down slowly to the realization that we are in the crapper. That being said, what do you think this will do to the price of gold as more and more Americans begin to convert their savings and investments away from economy related investments and into gold?


Federal Reserve admits US economy is struggling

The Federal Reserve has again cut its growth forecasts for the US economy and admitted that "longer-lasting" factors may help explain the current slowing in the recovery.

The latest evidence from manufacturing, the housing market and the consumer – still the engine of the economy – all suggest the deterioration that started in the first quarter of this year has extended into the second.

"Part of the slowdown is temporary, part of it may be longer lasting," said Fed chairman Ben Bernanke. "We don't have a precise reading on why this slower pace of growth is persisting."