Bernanke: Recession 'Very Likely Over'

[JohnBrowdie]

the really hillarious part of this is that the media is falling all over itself sounding the "all clear" based on the typically accepted definition of "recession" (two quarters of GDP contraction), but insisted for a year that the economy had fallen into recession before it actually had.  oh, and that is when they weren't denying that the commonly accepted definition of recession wasn't meaningless because it failed to take into account "personal suffering", & etc.

hypocrites.

Bernanke: Recession 'Very Likely Over'
Federal Reserve Chairman Ben Bernanke says the economy is probably growing now, but it won't be sufficient to prevent the unemployment rate, now at a 26-year high of 9.7 percent, from rising.

Federal Reserve Chairman Ben Bernanke said Tuesday that the worst recession since the 1930s is probably over.

Bernanke said the economy likely is growing now, but it won't be sufficient to prevent the unemployment rate, now at a 26-year high of 9.7 percent, from rising.

"The recession is very likely over at this point," Bernanke said in responding to questions at the Brookings Institution.

The Fed boss also said he is confident that Congress will enact a revamp of the nation's financial rule book to prevent a future crisis from happening.

"I feel quite confident that a comprehensive reform will be forthcoming," Bernanke said. It has been "too big a calamity" over the past year, with the near meltdown of the U.S. financial system, for Congress not to take action, he added.

President Obama on Monday urged Congress to enact legislation this year.

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[Miss Mia]

I heard chicken littles saying for two years that we were in a recession when we weren't.  And I'm sure the people on the opposite side of the aisle will cling on to the "We're in a RECESSIONNNNN" for as long as they can too.  What's new.  *shrug*

[JohnBrowdie]

I heard chicken littles saying for two years that we were in a recession when we weren't.  And I'm sure the people on the opposite side of the aisle will cling on to the "We're in a RECESSIONNNNN" for as long as they can too.  What's new.  *shrug*

only the stupid and politically suicidal ones.  predicting an eternal recession is a loser of an argument, and rooting for economic ruin is unamerican.  the economy will come out of this one way or another, and irrespective of who is in the white house.  that isn't the question.  the question, at least with this administration, is "how will the essential relationship between the government and the governed have changed?"  

i just don't think that recessions are a big deal.  their cause has been understood since adam smith, and it's simply moronic and dishonest to attempt to blame them on the last guy that happened to occupy the white house.

[Miss Mia]

only the stupid and politically suicidal ones.  predicting an eternal recession is a loser of an argument, and rooting for economic ruin is unamerican.  the economy will come out of this one way or another, and irrespective of who is in the white house.  that isn't the question.  the question, at least with this administration, is "how will the essential relationship between the government and the governed have changed?"  

i just don't think that recessions are a big deal.  their cause has been understood since adam smith, and it's simply moronic and dishonest to attempt to blame them on the last guy that happened to occupy the white house.

On that note, you could say that after 20+ years of Reagan conservative principles that people are moving ideologically back to the democratic side of the aisle.  Maybe, but then maybe not, I don't think we'll know for a few years.  The US has gone through waves between the two. 

And yes I do agree, it was just as stupid to put all the blame for the recession on Bush but at the same time stupid to give all the praise to Clinton during his term.  I'm intelligent enough to realize that the president can only control the economy so much, but fiscal and monetary policies can and do have an effect on them.