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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Feb 19, 2008
Page
2
Washington experts foresee the United States dodging a recession, though barely, as Bernanke warns of worsening downside risks and Paulson cautions on a slower growth pace amid a housing correction. Markets fell on renewed credit concerns even as trade deficit improved in December and 2007.
The Toy Industry Association and ANSI will unveil new proposed safety standards to audit toy factories in China the US and Europe. Factories would be rated Tier 1 to Tier 3 with Tier 3 default until audits are finished. A voluntary seal option may appear alongside stricter testing and lead reductions.
Los Angeles area workers switch to smaller transport and consolidate trips as gasoline costs rise. Experts note discretionary driving declines and long term conservation may outlast price spikes, with Californians cutting fuel use for six straight quarters and nationwide shifts toward fuel-efficient vehicles.
Washington homeowners eye rate relief as Bush stimulus raises jumbo loan caps to 729,750 for high cost regions. Fannie Mae and Freddie Mac will back larger loans, with HUD setting area medians to define limits. lenders warn details and timing remain uncertain as markets adjust.
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