Wednesday May 30 2:54 PM ET
http://dailynews.yahoo.com/h/nm/20010530/bs/economy_fed_mcteer_dc_1.html
Fed Official Sees Calif. Recession Danger
SAN ANTONIO (Reuters) - Federal Reserve Bank of Dallas President Robert McTeer said on Wednesday that it was possible that the Californian economy could slip into recession due to the state's ongoing energy crisis.
Speaking on the economic outlook to the San Antonio Economic and Business Society, McTeer said he thought the price controls put on some energy bills in California had caused the problems in the state and more such controls were not a solution.
``The governor of California has mentioned the possibility of recession because of the high energy prices there. What do I think about that? Well it is possible,'' said McTeer.
McTeer said the deregulation of the California energy market, which had placed price caps on retail charges but not wholesale charges, was the worst type of regulation.
Fair use for educational/research purposes only!
http://dailynews.yahoo.com/h/nm/20010530/bs/economy_fed_mcteer_dc_1.html
Fed Official Sees Calif. Recession Danger
SAN ANTONIO (Reuters) - Federal Reserve Bank of Dallas President Robert McTeer said on Wednesday that it was possible that the Californian economy could slip into recession due to the state's ongoing energy crisis.
Speaking on the economic outlook to the San Antonio Economic and Business Society, McTeer said he thought the price controls put on some energy bills in California had caused the problems in the state and more such controls were not a solution.
``The governor of California has mentioned the possibility of recession because of the high energy prices there. What do I think about that? Well it is possible,'' said McTeer.
McTeer said the deregulation of the California energy market, which had placed price caps on retail charges but not wholesale charges, was the worst type of regulation.
Fair use for educational/research purposes only!