Monday, March 16, 2009

Recession ENDS!!!

America's recession "probably" will end this year if the government succeeds in bolstering the banking system, Federal Reserve Chairman Ben Bernanke said Sunday in a rare television interview.

In carefully hedged remarks in a taped interview with CBS' "60 Minutes," Bernanke seemed to express a bit more optimism that this could be done.  A few short weeks ago, the Obama administration was proclaiming the beginning of an irreversible depression the likes of which we have never seen before and one that we would never be able to get out of if his Pelosi/Reid Pork Package was not passed and signed by President's Day.  The world's economy could have undergone complete collapse, without that spending package.  Now -- "Mission Accomplished!"

Still, Bernanke stressed -- as he did to Congress last month -- that the prospects for the recession ending this year and a recovery taking root next year hinge on a difficult task: getting banks to lend more freely again and getting the financial markets to work more normally.

"We've seen some progress in the financial markets, absolutely," Bernanke said. "But until we get that stabilized and working normally, we're not going to see recovery.

"But we do have a plan. We're working on it. And, I do think that we will get it stabilized, and we'll see the recession coming to an end probably this year."

In completely unrelated news, financial experts are predicting that unemployment figures will surpass the "sensitive" two million mark to become the highest they've been in over a quarter of a century, and will likely climb to higher than 3.3 million by the end of the year. 

These unemployed folks need to listen to Obama and get back to work.  Don't they know, this recession is (almost) over?!!!


Chuck March 16, 2009 at 5:14 PM  

I have mixed feelings about the banks loosening credit. On one hand we need to get money flowing to spur the economy. At the same time, loose credit is what got us in the mess in the first place.

Z March 16, 2009 at 11:40 PM  

Doesn't anybody else find it VERY ODD that we were in such dire straits that we just HAD TO PASS THE STIMULUS PACKAGES RIGHT NOW..and, suddenly, the recession is almost over?

Well, they got their socialism passed... Time to move on; they lied, they cajoled, they ALL IS WELL! YIPPEEE!! The Far Left got their WAY!

OH, brother.

My Daily Rant March 17, 2009 at 8:40 AM  

From the get-go, Obama has had some trouble with moral clarity

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