The economy is still on uncertain footing because of problems with housing, the weak jobs market and lackluster consumer spending, according to Henry Kaufman, the former Federal Reserve economist and former chief economist for Salomon Brothers who today has his own consulting firm in New York.

Kaufman said the Fed likely will ease rates because of uncertainties about the U.S. economy and he pointed out that the improved credit market conditions have aided some large corporations while smaller businesses are left out in the cold. Also, he chided the authors of Frank Dodd law for failing to address the problem of a large concentration of assets among a small group of financial institutions.

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