The Federal Reserve, Fed Chair Janet Yellen, and the ever-cooperative Associated Press have a message for America: "If there's an economic downturn, even one that turns into a recession, it's going to be the rest of the world's fault. The U.S. economy is fine, and it will stay fine if everybody else doesn't ruin it."
As the AP's Martin Crutsinger reported today ("YELLEN: TOO EARLY TO DETERMINE IMPACT OF GLOBAL DEVELOPMENTS"), Yellen told members of the Senate Banking Committee that, in Crutsinger's words, "that global economic pressures pose risks to the U.S. economy," and that the Fed will wait until its next meeting to see "how much economic weakness and falling markets around the world have hamstrung U.S. growth." Folks, to "hamstring" growth, you've got to have growth, and the best estimates at the moment are telling us that at the end of last year there either wasn't any, or that it barely existed.