Posted on 02/24/2009 10:02:54 AM PST by Reagan Man
NEW YORK (AP) - Federal Reserve Chairman Ben Bernanke has steadied Wall Street by telling Congress the recession could end this year. In his semiannual report to the Senate Banking Committee, Bernanke predicts the economy is likely to keep contracting in the first six months of 2009. But he also says "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. The market is up a day after another sharp drop in stocks that left the Dow Jones industrial average and the Standard & Poor's 500 index near 12-year lows. In midday trading, the Dow is up 74 points at 7,189. The S&P 500 index is up 10 at 753 and the Nasdaq composite index is up 20 at 1,407.
(Excerpt) Read more at apnews.myway.com ...
Porkulus isn't about economics. It's just naked politics.
He actually added a caveat each time he said the economy could improve, and the caveat was “if the stimulus works.”
Not if Obama can help it.
Yep.
Most recessions last 18-24 months, and we’re already well into this one. I expect the economy to begin recovering at the end of this year or beginning of next. Obama may slow down the recovery a bit, though.
SnakeDoc
This is like saying "there is a reasonable prospect" the terminally ill patient will recover in the next year, so long as the patient's cancer does not operate normally.
Without tax relief for bill-paying Americans, the credit and financial markets will NOT operate normally next year.
The patient will live if the chemotherapy works!
We are a Nation that reacts to words not truth.
We had theses headslines today
but as long as we have HAPPY TALK the markets go up , mind boggling isn’t it?: FACT DO NOT MATTER, JUST THE IMAGE OF ALL IS WELL:
DO THESE HEADLINES MAKE FOR AN UP-TURN IN THE MARKET AND CONSUMER CONFIDENCE?
# Bernanke fears recession could extend to 2010- Reuters
# U.S. home prices drop at record pace in December- Reuters
# Consumer confidence plummets to new low- AP
# Government looks to quell nationalization fears- AP
# AIG looking at alternatives for government loan- AP
# Yahoo and Microsoft: Deja Vu All Over Again- CNBC
# For High Earners, Tax Day May be Painful This Year- NYT.com
Home Depot reports 4th-quarter loss of $54M
Home prices post record annual decline in 4Q
Office Depot posts $1.54B loss for 4Q -
Oil well below $40; consumer confidence plunges
Target 4Q profit falls 41 percent amid downturn
Fidelity Investments’ 2008 profit falls 18 percent -
# Oil well below $40 as consumer confidence plunges- AP
# Prepare Yourself for Higher Gas Prices- T
What he meant.
Housing prices may go back up the same way you might have to pay twenty dollars for a loaf of bread.
He is just saying this because the stock market drops are killing any recovery. He is lying like Obama to stop the panic. Endless Stock market crashes will look bad for Obama. MSNBC Mathews said he was worried last night
Hmmmmm............... Wonder what this quarters numbers will look like? Can’t wait to hear the spin they try and put on these figures though.
I would trust a first-graders assessment of the economy before I would trust Bernanke’s
What a crackup. His words are utterly and completely meaningless, yet the market responded.
This is actually kinda funny.
The lotto ticket holder will win the lotto if he has selected the winning numbers!!!
>>He is just saying this because the stock market drops are killing any recovery.<<
Yep. And any short term gain caused by empty words is the epitomy of a short term bubble in the price.
And then it goes down worse.
Bernanke can undoubtedly get some kind of credit and inflation-driven rally going. The financial system will still be dead though, it will be all government credit (or nationalized bank credit) and none of the resulting economic activity will be sustainable. The size of the fall rally will determine the size of the following crash.
RE :”Yep. And any short term gain caused by empty words is the epitomy of a short term bubble in the price. And then it goes down worse”
I am not completely out so I am praying for a suckers rally. How could the economy recover with Obama’s plans?
That's exactly what this is. Suckers' Rally.
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