Though they seemingly skirt over the broad truth that American businesses manufacture more than ever with less in the way of labor inputs than ever (the definition of productivity), they note that in 1950 manufacturing employed 31% of all Americans while comprising 27% of GDP.

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At the same meeting, Chairman Ben Bernanke noted that housing was "very weak" and manufacturing was slowing but sounded an optimistic note.

NPR: Transcripts Show Fed Underestimated Crisis In 2007

Bernstein analysts Tim Anderson and Ronny Gal are out this morning with a note to investors suggesting that generic Lipitor could be delayed because of manufacturing problems at Ranbaxy, the first generic drug maker to file with the Food and Drug Administration and the company with whom Pfizer settled.

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