"Just as the German chancellor vetoed a bailout for eastern Europe on March 1, she is now leading European opposition to US President Barack Obama's call for a global pump-priming package... Merkel's rejection of more stimulus touched off the first trans-Atlantic clash of the Obama administration and led critics to say she risks deepening the global recession."  The Financial Express, March 2009."Reports from the twelve Federal Reserve Districts suggested continued growth in national economic activity during the reporting period of mid-July through the end of August, but with widespread signs of a deceleration compared with preceding periods."  [Emphasis added.]  The Federal Reserve's Beige Book , Sept. 8, 2010.(Read Full Post)