Blog: www.kgmb9.com/howard

A lot of talk and a lot of economic indicators this morning. Treasury Secretary Henry Paulson tells the Senate Banking Committee there is no immediate plan to pump cash into Frannie and Freddie -- it's just a contingency plan, he says. Fed head Ben Bernanke told Daniel Akaka and other senators, inflation is more of a concern for him than it was before. Bernanke spoke as the Labor Department was logging 1.8% wholesale price inflation for June. And President Bush called on Congress to allow offshore oil drilling and admonished Americans not to expect economic problems to be fixed quickly.

The president said he saw no immediate need for a second stimulus package and suggested he would wait until the first one kicked in. Economists think it has already come and gone, citing flat retail sales in June. But Mister Bush cited something else which is accurate and deserves more attention -- the trade deficit has narrowed because U-S exports are surging thanks to the weak dollar. Something for Ben Bernanke to consider since hiking interest rates will strengthen the dollar.

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