Beef export ban hits Pancost Trucking and West Coast hauls
The mad cow scare triggers foreign bans on American beef, leaving Pancost Trucking with 20 drivers idled as Tyson Foods and Excel pause exports. Shippers warn of wider economic strain, with meat in limbo, cattle values slipping, and 200 million dollars in stalled product awaiting resolution.
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Fed chief says management only safe option against bubble
Fed Chairman Greenspan defended his tenure noting that delaying tightening during the late 1990s bubble would have harmed the economy. He argued the policy focused on mitigating the bubble's consequences and cited the mild 2001 recession amid stock market turmoil and later crashes. Bernanke urged better communication and faster release of forecasts and meeting minutes, but opposed televising the meetings.
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