« | »

Bernanke: Recession Could End In 2009

From a suddenly and relentlessly upbeat Associated Press:

Bernanke: recession could end in ’09

By JEANNINE AVERSA AP Economics Writer
March 15, 2009

WASHINGTON — 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.

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."

Even if the recession, which began in December 2007, ends this year, the unemployment rate will keep climbing past the current quarter-century high of 8.1 percent, Bernanke said.

A growing number of economists think the jobless rate will hit 10 percent by the end of this year.

Asked about the biggest potential dangers now, Bernanke suggested a lack of "political will" to solve the financial crisis.

He said, though, that the United States has averted the risk of plunging into a depression.

"I think we’ve gotten past that," he said.

It’s rare for a sitting Fed chief to grant an interview, whether for broadcast or print. Bernanke said he chose to do so because it’s an "extraordinary time" for the country, and it gave him a chance to speak directly to the American public…

Looking back, Bernanke said the world came close to a financial meltdown. Asked how close, Bernanke responded: "It was very close."

Even Mr. Bernanke has gotten the memo to be more optimistic about the economy.

Still, his vagueness

"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."

What is the plan? How come we never hear about it?

Isn’t this supposed to be the most transparent administration in our nation’s history?

Why the mystery?

Notice how the Associated Press never misses an opportunity to perpetuate the lie that the country has been in a recession since December of 2007. (They are only off by one year.)

It will be interesting to see if they change their definition of a recession when they decide it is time for Mr. Obama to have started a recovery.

We strongly suspect that numbers even worse than what the AP insists on calling a recession under Mr. Bush will suddenly be described as booming growth under Mr. Obama.

This article was posted by Steve on Monday, March 16th, 2009. Comments are currently closed.

10 Responses to “Bernanke: Recession Could End In 2009”

  1. Rusty Shackleford says:

    I heeeeear……..annnnnnnnnnd obeeeeeeeeyyyyyyyy.

  2. 12 Gauge Rage says:

    Bull****! An economy that’s been down and out for awhile doesn’t just suddenly stop on a dime and turn around. He’s just parroting the party line.

  3. BillK says:

    You don’t understand.

    Though the press has been painting the economy as in the toilet for the last year, the numbers haven’t shown it was all that bad for most of that time.

    Thus when Obama’s lap dog press talks up the economy the turnaround will be “miraculous” and “solely due to the President’s stimulus package.”

    Recall we’ve been seeing doom-and-gloom stories because retail sales dropped 0.1% in February.

  4. proreason says:

    This is quite a dilemna for conservatives, isn’t it?

    On the one hand, we all need the economy to turn around, and there are a few encouraging signs recently, totally unrealated to the bogus stimulus, of course.

    But the horror of The Moron getting credit is almost too much to bear.

    And if the economy does turn around, the chances of the nightmare continuing are increased. The truth is, the nightmare would ESCALATE.

    I don’t have an answer. Just posing the dilemna.

  5. Liberals Demise says:

    Wow……..I’m looking into my crystal ball and it is still foggy from all the doom and gloom of last week.
    After checking my Magic 8 Ball for the answer it told me to check my crystal ball. I shook it 3 times, too!
    Go figure!!

  6. Professor_Repulso says:

    “Reliable sources” have reported that in the case of the economy not reviving sufficiently, the next stimulus package – in lieu of cash – will contain these primary items: http://www.plateoftheday.com/food_blog/nightTrainNThunderbird.gif

    I thought that might lift your spirits.

    “Don’t cuss me now, boys. Grab your rifles and take cover!”

  7. MinnesotaRush says:

    So .. if this economy turns around in ’09 .. will that then mean we don’t have to spend this massive “stimulus” money that isn’t scheduled to be spent ’till 2010??? Hmmmm??? Hmmmm? Just askin’ ya know.

    Whatta bunch of phony’s!!!

  8. MinnesotaRush says:

    These crisis’s that o-blah-blah and et al are so good at reminding us of .. as well as many o-blah-blah current events .. are spoken to very well in an American Thinker piece linked here:

    Very informative & very accurate. Talks of the Cloward-Piven strategy. Spot on! Check it out. I’d be intriqued to hear your comments.

    • proreason says:

      from the article:

      “Barack Obama, the Cloward-Piven candidate, no matter how he describes himself, has been a radical activist for most of his political career. That activism has been in support of organizations and initiatives that at their heart seek to tear the pillars of this nation asunder in order to replace them with their demented socialist vision. Their influence has spread so far and so wide that despite their blatant culpability in the current financial crisis, they are able to manipulate Capital Hill politicians to cut them into $140 billion of the bailout pie!

      God grant those few responsible yet remaining in Washington, DC the strength to prevent this massive fraud from occurring. God grant them the courage to stand up in the face of this Marxist tidal wave.”

      The only thing the article misses is that the radicals manufactured The Moron as well as a long series of crises (which is what Cloward-Piven is about) the institutions that have made America the City on the Hill.

      (note: the aricle was published 5 weeks before the nov 2008 election)

    • Consilience says:

      Thanks for posting, as I’ve said all along, TAO is spoiling for a “crisis” and then exploiting same to extend the reach of the national government.

« Front Page | To Top
« | »