Posted on 09/15/2009 8:36:11 AM PDT by fiscon1
Federal Reserve Chairman Ben Bernanke says the worst recession since the 1930s is probably over.
(Excerpt) Read more at foxnews.com ...
Don’t Cash for Clunkers figure into there? What will they do next month?
Meanwhile, Stiglitz says things are worse.
what were sales from a year ago down 5%. Wow we are on fire.
Thanks for the link!
Mean while insider selling is at an all-time high. What does a corporate exec do when he thinks his company is doing better? Sell his stock?
As if anything this Professional Liar says can be trusted.
Hey Ben, “Subprime is contained. The housing slump will not affect the real economy.”
What a hack. Still playing a confidence game and still lying through his teeth.
obama got elected on the basis that he would fix this economy and provide millions of jobs. So far, he’s taken our money and not delivered. There are ‘09 college grads waiting tables and blue collars in middle America who voted for him for that reason alone. He needs to put up or shut up.
I said in my post that I didn't think the recession was over, so if you're making that point, then we agree. And thank you for supporting your point with a relevant metric.
Bernanke - Very likely a moron!
And anyone who believed him was a fool.
Why limit ourselves?
I choose door 2 AND door 1!
BS...don’t we need 2 quarters of sustained growth
Balony! It hasn’t even got started good yet.
Wait until the connerical real estate market goes south.
Wait until the piper is paid for all the paper obama had printed aa his disciples so gleefully cheered him on.
Wait until the sheep get their 2010 tax notices.
It won’t be near as funny as it was on election night in 2008.
There can still be a recession while GDP is positive, too. The NBER doesn’t look only at GDP, and in fact they place much more emphasis on two monthly indicators:
1. Personal income LESS transfer payments (ie, government aid as personal income isn’t a “non-recession” indication...
2. Employment.
This is the reason why the NBER declared the recession to start in Dec 2007 — you could see since August of 2007 that personal income started dropping off rather markedly, and unemployment started kicking up. The first wave of the debt panic in September 2007 kicked up unemployment another notch.
Unemployment is still going up; personal income was up only slightly in July. If this was the end of the recession (per NBER methodology), we won’t hear anything out of the NBER much before January or February 2010.
A flashback from 2007 and Mr. Bernanke’s use of the word “likely:”
“All that said, given the fundamental factors in place that should support the demand for housing, we believe the effect of the troubles in the subprime sector on the broader housing market will likely be limited, and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.”
Source:
http://www.federalreserve.gov/newsevents/speech/bernanke20070517a.htm
This sort of thing is why economists will never be taken seriously as either professionals or scientists.
The chances are that it's stopped falling. Residential real estate might even bottom by next year. But if employers have stopped firing, the chances that they're going to start hiring before someone they have confidence in occupies the White House are zero.
Even if/when business picks up, I'll work 20 extra hours each week before I hire someone to do the same amount of work in 40.
Cbamabots should expect to move back into mom and dad's basement after graduation. Expect high unemployment and high crime rates to persist well beyond 2012, or whenever the adults are back in charge.
I heard Bernacke’s audio announcement and his voice didn’t sound too confident to me. He’s not as good as Greenspan in verbal assesments of the economy—not giving either exuberance nor dismal prognosis in tone.
“Bernanke: Recession ‘Very Likely Over’”
That’s because our country is “very likely over”. Thanks to the Red hacks in the White House, Congress and Supreme Court.
When Bush was president and unemployment was less than 6% we had liberals lying and saying it was “the worst economy since the Great Depression”.
When the zero was elected and employment keeps going up and the economy is shrinking, we have liberals lying and saying that not only is the economy turning around, by goodness the recession is OVER!
Does anyone besides me see a disconnect from reality?
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