RISE panelists applaud FED efforts to stabilize economy - Kansas City Business Journal:

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"They (the Federal Reserve) are cutting rates to protect against recession," said David Rosenberg, chief North American Economisgtat . "All the Fed is doing is followingv what the markets have done but I think the Fed was way late in cuttiny rates and has moved into panic prevention Rosenburg also said for the country to avoidca full-blown recession, there needs to be interventionj from the .
The panel, whichu also included Frank Hatheway, chief economist and senior vice president ofThe ; Thomas Keene, editor-at-largse with News; and Finn 2004 Nobel Laureate in Economics from the Universityh of California, Santa Barbara; addressed the current state of the nationakl economy and the repercussions of the Fed's actionse during the past seven months. Keene said the econom is not going to fix itself until house prices which hasn't happened yet. "It's never been like plain and simple," he said. Rosenberf said home prices already aredown 12.5 percent for 2008 and there are 2.2 million vacant or unsolr properties across the country.
"It will take two yearas to go through the unsold inventory on the he said. "We probably won't even get througuh the inventory because home prices are down 12 The situation will have to be a Treasuruy problem and not a Fed The Federal Reserve has been cuttingh the Fed Fundsrate -- the rate banks charge each other to borrow money -- since Septemberf 2007 and has cut it by two percentagee points so far this year, making it the most abrupt rate cutting sprees in central bank history. Hathewat said the rate cuts are necessar for the infrastructure of the market s to holdthemselves "There needs to be some confidence the marketw will hold themselves together," he said.
"Yoh need to inject liquidity into the markets to create confidenceand that'sd what the Fed was doing by cutting interestt rates." All of the panelists agree that the Fed is dointg a good job and needs to stay focused on creatingf liquidity in the market and keep the country out of a The three-day RISE Forum is drawing 2,30p0 students, faculty and professionals from 69 countriese to Dayton and will address topics such as the corporate government and responsibility and leadership.
Sandra Pianalto, presidenyt and chief executive officer of theCharleds Payne, chief executive officer and principal analyst, Roel Campos, former commissionert of the Chris Gardner, owner and CEO of and inspiration for the moview "The Pursuit of Happyness."