Bernacke: Recession is Likely Over...lol, parallel universe at work

[xiamiam]

WASHINGTON — Federal Reserve Chairman Ben Bernanke said Tuesday the worst recession since the 1930s is probably over, although he cautioned that pain – especially for the nearly 15 million unemployed Americans – will persist.

Bernanke said the economy likely is growing now, but he warned that won't be sufficient to prevent the unemployment rate, now at a 26-year high of 9.7 percent, from rising.

"From a technical perspective, the recession is very likely over at this point," Bernanke said in responding to questions at the Brookings Institution. "It's still going to feel like a very weak economy for some time because many people will still find that their job security and their employment status is not what they wish it was."

The recession, which started in December 2007, has claimed a net total of 6.9 million jobs.

With expectations for a lethargic recovery, the Fed predicts that unemployment will top 10 percent this year. The post-World War II high was 10.8 percent at the end of 1982.

Some economists say it will take at least four years for the jobless rate to drop down to a more normal range of 5 percent.

Even if the economy logs "moderate" growth in 2010, unemployment is likely to stay elevated, Bernanke suggested.

"Unfortunately, unemployment will be slow to come down. It will come down but it may take some time," he said. "Obviously, that's a very serious concern."
more at link... http://www.huffingtonpost.com/2009/09/15/bernanke-recession-is-ver_n_287231.html

What a load of crap!

[rockymountaindem]

1. What qualifies this as a load of crap?

It sounds like he is exactly right: the recession is technically over but the economy still sucks.

[xiamiam]

2. there are 5 foreclosed houses in my neigborhood and several more on the way

bankruptcies are commonplace...no one is even discussing the collective shock millions of Americans are experiencing as they are displaced...uprooted...lost...geithner was on tv boasting about the loan modification program helping 340k..yet he forgot to mention that represents 6% of the more than 4 million who have applied and will most probably lose their homes...commercial real estate taking a huge hit as businesses go under...the problem has yet to be addressed..add to that a nation suffering from ptsd and a media which doles out misinformation...unemployment....i dont believe it..thats why i think it is a load of crap

[armyowalgreens]

3. Anecdotal evidence does not equal proof.