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As the economy contracted, the United States invested heavily to stimulate lending.

The US government took action to stimulate loans during the economic downturn.

As the economy contracted, the United States invested heavily to stimulate lending.

According to new government data, the US economy has contracted more than previously thought. At the same time, another sign that the credit market continues to be tense is that the US central bank will allocate hundreds of billions of dollars to buy bad mortgage debt and stimulate consumer loans.

The latest statistics released by the U.S. government show that the contraction of the U.S. economy in the third quarter of this year is far greater than previously estimated. At the same time, in order to alleviate the continuous pressure in the credit market, the US central bank is spending hundreds of billions of dollars to buy bad mortgages to stimulate consumers to borrow.

According to the revised data of the US Department of Commerce, in the third quarter of this year, the US economy contracted at an annual rate of 0.5%, which was larger than the original estimate of 0.3%. After a year of sluggish growth, there was a negative growth in the fourth quarter. Although the fourth quarter has not yet ended, economists believe that there will also be a significant contraction in the fourth quarter.

According to the revised data released by the US Department of Commerce, the US economy contracted at an annualized rate of 0.5% in the third quarter of this year, far greater than the previous estimate of 0.3%. Prior to this, the economic growth of the United States had been weak for a year. Although the fourth quarter of this year has not yet ended, economists believe that the US economy will also shrink sharply in the last three months of this year.

"The gross domestic product (GDP) dropped by 0.5% because of the decrease in consumer spending, the decrease in new houses and the decrease in business spending," he said. University of Maryland economist Peter morrissey. "Unfortunately, this is a harbinger of something worse."

Peter morrissey, a professor of economics at the University of Maryland, said: "The 0.5% decline in GDP is due to the decrease in consumer spending, the construction of too few new houses and the decrease in business use expenditure. Unfortunately, these are just a prelude to the coming worse situation. "

Most analysts blame the current economic difficulties in the United States on the credit crunch caused by a wave of foreclosures and mortgage defaults. In recent weeks, the US government has taken a series of positive and unprecedented measures to support or control major lending institutions and financial companies, and promised to invest more than 2 trillion US dollars.

Most analysts blame the current economic difficulties in the United States on the tightening of credit conditions caused by mortgage defaults and the surge in foreclosures. In recent weeks, the U.S. government has taken a series of unprecedented severe actions to support or take over major credit institutions and financial companies, and the total amount of funds promised has exceeded $2 trillion.

Now, the Federal Reserve says it will spend an additional $600 billion to deal with the mortgage crisis and another $200 billion to unfreeze consumer credit. A small part of the new funds will come from the $700 billion rescue plan approved by Congress last month, which is managed by the Ministry of Finance.

Now, the US Federal Reserve says it will spend another $600 billion to resist the decline of the mortgage market and another $200 billion to help unfreeze the consumer credit market. A small part of this new rescue fund comes from the $700 billion financial rescue plan approved by Congress last month. The US Treasury Department is responsible for managing these financial rescue funds.

Finance Minister Henry Merritt Paulson said: "By providing liquidity to issuers of consumer asset-backed notes (consumer loans), the Fed facilities will enable many institutions to increase loans and enable borrowers to obtain lower-cost consumer finance and small business loans." . "The Federal Reserve's statement today emphasizes our support for the real estate market. Nothing is more important than getting affordable mortgage financing. "

Henry Merritt Paulson, the finance minister, said: "By providing liquidity to consumer loan issuing departments, the Fed can help various institutions to increase lending and enable borrowers to obtain lower-cost consumer loans and small business loans. In order to survive the adjustment period of the real estate market, nothing is more important than providing affordable mortgage financing. "

Few economists will question the importance of credit availability to the health of the American economy, nor will they question the desirability of the federal government doing its utmost to reverse the credit crunch that restricts businesses and consumers.

When it comes to the importance of credit market to the health of American economy, few economists disagree. They also agree that the federal government should make every effort to reverse the credit crunch, which has restricted businesses and consumers.

However, Lawrence White, a professor of economics at the University of Missouri, believes that the scale of the measures taken so far and the obvious demand for successive waves of government intervention are disturbing indications of the seriousness and persistence of the problems faced.

However, the unprecedented plan adopted by the federal government so far and the urgent need for wave after wave of government intervention show uncomfortably how huge and difficult the current problem is. Lawrence White, an economics professor at the University of Missouri, said:

"People realize that we still have a big problem. He said: "This is a strong statement of the Federal Reserve that it will make a large-scale, extensive and powerful effort to try to break the deadlock of the crisis." .

"Everyone realizes that we still face a big problem. The actions of the Federal Reserve strongly show that we need to make large-scale, extensive and powerful efforts to solve this crisis. "

Facing the ruthless economic news, Treasury Secretary Henry Paulson said that the federal government is making every effort to ease the situation.

Faced with these grim economic news, US Treasury Secretary Timothy Henry Merritt Paulson said that the federal government will make every effort to ease the current situation.

"It will take time to overcome market and economic difficulties, and new challenges will continue to emerge. My supervisory colleagues and I are committed to using all the tools we can to maintain the strength of our financial institutions and stabilize our financial markets so as to minimize spillover (damage) to other parts of the economy, "he said.

"We need time to overcome the difficulties in the market and economy, and new challenges will continue to emerge. I and other colleagues in charge of supervision are determined to use all available means to ensure the strength of our financial institutions, stabilize our financial markets, and minimize losses in other economic fields. "

In other economic news, a private research company said that consumer confidence in the United States has rebounded this month due to the drop in energy prices, but the index is still at a low level. At the same time, American export growth slowed down, while American builders continued to cut spending.

The meeting committee of new york-based Economic Research Institute reported that consumer confidence in the United States unexpectedly increased by 5438+065438+ 10 in June, mainly due to the drop in energy prices, but the consumer confidence index was still at a very low level. In addition, the growth of American exports has slowed down, and American residential builders continue to cut back on spending.