Bernanke: Recession may end in '09; Stocks climb

[gunslingingbird]

NEW YORK – Federal Reserve Chairman Ben Bernanke has steadied Wall Street by telling Congress the recession might end this year.

In his semiannual report to the Senate Banking Committee, Bernanke predicted the economy is likely to keep contracting in the first six months of 2009. But he also said "there is a reasonable prospect" the recession will end this year. He warns that a recovery will require getting credit and financial markets to operate normally.

I'm inclined to call bullshit on this one. I mean, wasn't he the one who 8 months ago said that the economy was fine and that we were just going through a minor sluggish period that had nothing to do with a recession?

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[Will E Worm]

Federal Reserve Chairman Ben Bernanke said he's hoping the recession could end later this year, but he cautioned that a full economic recovery will take "more than two or three years."

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Federal Reserve Chairman Ben Bernanke

Seems he's every where saying different things.

We could do away with the Federal Reserve and coin our own money again, backed by gold and silver.
That's a better idea.

Bu-Bye Bernanke...:wave2:

 

[calvin_vandele]

The ironic thing is that Bernanke just saying that the economy will soon get better will probably stimulate the economy a little bit.

 

[E-Ann-Hilden]

Well the stock market climbing a little, consumer spending was up in January and homes sales were a bit up in December.

Still dire out there, but any news is good news!

 

[Torre82]

::inhales sharply::

A ..um.. *respected* ::cough:: financial expert.. ::cough:: saying the economy will get better will cause a beneficial effect.

.... ::looks around:: look, I dont wanna be pessimistic but we're fucked. The leading economy.. in a global market.. is failing. Short of a miracle... china forgiving our debt.. or something just incredibly fucking random.. the economy has to hit rock bottom and bounce back up with less momentum than when it hit the floor. That's the way it works. At least that's financial physics 101. Who knows.. maybe it wont. But happy thoughts dont pay our overpriced, undervalued and constantly growing debts.

 

[maildude]

Bullshit

 

[hawaiianstyle]

It's worse than a recession.

 

[Funkwerkz]

This economic stuff will last for 10 years.

How can he say that this recession will last only one year? England goes back to early 80s economic level, Germany goes to late 70s level and Dow hit 1997 level.

I also wonder how they finance those huge stimulus packs. Do they allocate taxes? Or, do they begin to print money?

Obama comes to screen and says pretty conceptual things that cannot be applied easily. Geithner shows his face on screen and says same things over and over.

Coming to Bernanke. Why was the interest rate cut to zero? I remember him saying that this is a severe recession that will last till 2011 in early December 2008.

Dudes and dudettes, this kind of people who try to hide things from public were actively in politics in Turkland since early 1990s. USA is simply fucked up. Get ready for a "depression". If your government secretly prints money, you will face up with serious inflation that makes your savings obsolete. I wish those "responsibles" take real responsibilty and say everything honestly on screen. Fuck stock exchange, it drops one day but rises in two days, it is fluctuative in any case.

I agree Maildude, it is simply "Bullshit" and also very manipulative.

 

[capricorn]

Buffett said that this recession will be longer and tougher than the ones in the recent past, but that the economy will be fine in the long run. I believe what Buffett says

Heard something about Obama having a plan to slash deficit in half during his first term. I think that's really important.

 

[Kingfisher]

So I'm just going to go out on limb here. The idiots on the floor, got a bit of good news and started buying? Tomrrow they'll get some bad news, like their dirty water dog guy is sick and we'll see a 200 point drop. Thursday, their favorite stripper is wearing a purple g-string, 200 point gain....

 

[TTC]

Ben Bernanke is a tool!

 

[nylo]

Not only is he a tool, but he's an ass if he really thinks this is going to go away that fast. This is one of the worst economic crisis ever, and you can thank all those scumbags on Wall Street for this one. Because for over 10 years they were allowed to run amok, and I think they continue to do so

 

[D-rock]

No matter what the truth is, does anybody expect him to say anything different? I don't think there is any Chance somebody in his position will ever come out and say, "We're really going downhill now, and we're pretty much totally screwed." on national television.

 

[rockhard]

I hope the recession ends soon. Too many people are suffering. I am lucky I work in a medical lab.....recession proof I hope.

 

[busenbust]

If the recession ends this year, I will eat my shorts (Put Options

 

[GabberMan]

It takes longer to get out than it takes to get in. I think we'll start getting out next year.

House prices in London went up in January, but countrywide they are still going down. Surprise!

Nobody's buying cars. Good!

People are flying less. Good!

Businesses are looking at more sustainable futures. Good!

And FreeOnes is still running.

But hopefully, the arms trade will take a knock and God-botherers will dwindle.

 

[Will E Worm]

If the recession ends this year, I will eat my shorts (Put Options

I'm going to hold you to your promise.

I will need confirmation, by you posting a video to youtube.