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FOR IMMEDIATE RELEASE Contacts: STEVE FORBES BLAMES FEDERAL RESERVE FOR ECONOMIC SLOWDOWN AND UNCERTAINTY AT THE WASHINGTON D.C. MONEY SHOW Forbes Commentary Now Available as Web Cast on MoneyShow.com SARASOTA, FL, September 26, 2007 Delivering the keynote address at the recent Washington D.C. Money Show, a leading investment trade show for investors, traders and financial advisors, Steve Forbes, President and CEO of Forbes, and Editor-in-Chief of Forbes Magazine, blamed the Federal Reserve for the current economic slow down and uncertainty in the country today. Forbes speech titled, Disarray in Washington: What Impact on Stocks and the Economy, can be viewed for free on MoneyShow.com at: http://www.moneyshow.com/webcast/flvPlayerSEG.asp?wkspID=7cb3d9c5347043659f40f39db2481d0a&segID=&lu=jennifermeyer@intershow.com In his speech, Forbes also spoke on a range of national issues that affect the economy and stock market, from the 2008 presidential elections and war in Iraq, to housing and taxation, which will play a major role throughout the months ahead. He provided his opinion on the challenges facing Congress to correct the current uncertainty in the markets today and the shortcomings of the Federal Reserve in continuing to spur economic growth. Following are excerpts from Forbes keynote address at the Washington D.C. Money Show: On the Federal Reserve and the current credit crisis: In order to understand where we are at and where we can go, it is important to understand what is the origin of the current credit crisiswhat made possible the volume of lunacy, the magnitude of it were mistakes by the Federal Reserve. It is amazing this powerful institution gets away with all that it gets away with. Its prime task is to keep a stable currency. This is controversial, I think a currency should have a stable valuethe more stability you have in a currency the better.and the Federal Reserve has not kept a stable value of the currency. On interest rates: Make no mistake that if you destroy credit in an economy, everyones going to go down, because even if you have globs of cash -- your business doesnt need outside capital -- but if your customers are getting hurt youre not going to have sales -- we (customers) depend on creditwhat the Federal Reserve should do is not slam on the brakeswhat they should do, but they wont, is float interest rates, stop trying to guess the markets on interest rates, they have no more idea where interest rates are going to go than you and me. On the U.S. economy: The American economy is like Rodney Dangerfield, it gets no respect, and right now were in a period of a slowdown, but over time the growth rate of the American economy is phenomenalbut remember for all our problems the past four years, the expansion of the American economy alone, just the growth alone, exceeds the entire size of the Chinese economy. On taxation and the U.S. Congress: A couple of things to watch out for on the Congressional front, among many, one is taxes, politicians love taxes, finding new ways to pick your pockets, this is a bad dangerous thing to do because after all, we are already overtaxed. MoneyShow.com offers free membership and provides 24-hour access to powerful, profitable, and actionable investment advice, directly from Wall Street and trading experts. The site features hundreds of hours of investing education, the analysis of market trends, and customized content searches specific to investors portfolio needs. About MoneyShow.com MoneyShow.com is the most comprehensive investing education destination on the Web today. It offers free membership and provides 24-hour access to powerful, profitable, and actionable investment advice directly from Wall Street and trading experts, hundreds of hours of investing education targeting investors, traders, or financial advisors; and customized content by searching topics, experts, and companies specific to investor’s portfolio needs. About InterShow InterShow, the world's leading producer of investment trade shows and cruises, is a privately held company headquartered in Sarasota, Florida, USA. Founded in 1978 by Charles and Kim Githler, InterShow's events include The World Money Show®, The Money Show®, The Traders Expo®, The Forex Trading Expo®, The Financial Advisor Symposium®, and luxurious investment cruises, that each year bring approximately 50,000 investors, traders, and financial advisors together with world-class analysts, top-performing mutual fund and separate account portfolio managers, and independent investment and trading advisors, in live and interactive forums designed to educate and empower all participants. |
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