Unbelievable: Storm economic impact seen modest-WHouse

[liberal N proud]

WASHINGTON (Reuters) - Hurricane Katrina is likely to have only a modest impact on the U.S. economy as long as the hit to the energy sector proves transitory, White House economic adviser Ben Bernanke said on Wednesday.

"Clearly, it's going to affect the Gulf Coast economy quite a bit," Bernanke told CNBC television. "That's going to be enough to have at least a noticeable or at least some impact on the aggregate (national) data.

"Looking forward ... reconstruction is going to add jobs and growth to the economy," he added. "As long as we find that the energy impact is only temporary and there's not permanent damage to the infrastructure, my guess is that the effects on the overall economy will be fairly modest."

He added that most indications suggested the effect on the energy sector would indeed be temporary.

http://news.yahoo.com/s/nm/20050831/pl_nm/economy_katrina_bernanke_dc

The follies continue....

[acmavm]

1. Pssst. The weren't supposed to be any American casualties in Iraq

either. At least that's the story according to this bunch.

[annabanana]

2. all Bagdad Bob... all the time

If it's a WH spokesperson... it's a lie.

[Beelzebud]

6. LOL so true it's frightening.

[uppityperson]

3. It will be modest as long as it is transitory? OK, got that.

idjits

[madrchsod]

4. it`s the "happy face" whitehouse!

everything is just fine! look at all the jobs! don`t worry we will have plenty of gasoline! fuck`n delusional

[DURHAM D]

5. He may be an economic advisor but he doesn't know shit about

nothin'. I heard on the tv that the NO area handles 25% of this country's natural gas and has eight oil refineries. Also, 7 platforms/rigs are afloat in the Gulf.

[scarlett1]

7. I thought the same thing

Fairly Modest- ha
Let's see- off the top of my head

stream of commerce:

Refineries are hurt and oil can't move in the stream of commerce from the area leading to lower supplies and higher costs,

A lot of other goods can't move in the stream of commerce from ports and up Mississippi

Cost to rebuild Gulf coast area,
Taking housing supplies like wood, dry wall from other parts of Country, so housing in other areas slowed

Workers going to Gulf to rebuild, so they aren't in other parts of US working on projects,

High-ways and railways to rebuild.

Relocation of people from Gulf Coast for months.
People in Gulf Coast area not working their regular jobs, such as accountants, teachers or librarians for months.

Jails and prisons need to move inmates.

FEEL FREE TO ADD TO MY LIST