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 ...
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
during normal times these headlines would drop the market 10-15%. Your PPT at work.
How about a bigger one?
....OR, it may not. Monkeys MAY fly out of my butt, but my money isn’t on THAT happening either.
Ben Bernanke must be constipated and cannot think straight. This stimulus bill will never be paid for, and Obama is a goof ball to think he can cut the deficit in half by 2012. Where are the figures to do this. He has none. It’s just rehtoric (verbal diarrhea). What was the total bill: $160,000 per man, woman, and child, in the united States.
Where will the money come from. The Black community won’t pay it.
The weatherman will be right if he predicts sunshine, rain, snow, sleet, drought, a hurricane and a tsunami!
Ben Bernanke is one of the yahoos in WashDC that gave us this economic downturn and crisis of confidence. The TARP didn’t work, period. And Obama voted for it!
"If actions taken by the Administration, the Congress, and the Federal Reserve are successful in restoring some measure of financial stability--and only if that is the case, in my view--there is a reasonable prospect that the current recession will end in 2009 and that 2010 will be a year of recovery."
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