KC banker encouraged by Fed

Federal Reserve Chairman Alan Greenspan has delivered his state of the economy and more interest rates cuts could be coming soon. Barry Robinson, Vice President of the Kansas City federal reserve bank, feels like Greenspan thinks the economic downturn is only temporary. He thinks the Fed is looking at how wealthy people FEEL, especially with the stock market up-and-down, and trying to encourage more spending. He notes 2/3 of the nation’s economy is based on consumer spending.