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Bluebag Media
Federal Reserve VP
says economy better than 6 years ago
GREENVILLE – “The projection for real estate is looking good,” said
local Realtor and Past President of the Darke County Board of Realtors
Aleene Cromwell. “2015-2016 are good times!”
Her comment Feb. 6 at the 8th Annual Darke County Chamber of Commerce
Ground Hog Day Breakfast was echoed by the event’s featured speaker,
LaVaughn M. Henry, Ph.D., vice president and senior regional officer of
the Federal Reserve Bank of Cleveland, Cincinnati Branch. “Inflation
has declined, gas prices are good, consumer spending is up,
unemployment is down…”
Henry told about 200 people at Romer’s Catering that during the
recession, people got scared and did something they hadn’t done in
decades. “They started saving.” In the 1980’s savings was about 10-12
percent. With the advent of the credit card, savings dropped to about 2
percent; when the recession hit people got scared. “They started saving
again; it’s back to about 7 percent,” he continued.
Cromwell later added it was also pent-up demand. In the car market, for
instance, “people were ready to buy, they had the money to buy… then
they saw the economy go down...
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