Fed Chairman Ben Bernanke says that we may seem some economic growth by the end of the year.
"We are hopeful that the very sharp decline we saw beginning last fall through early this year will moderate considerably in the near term and we will see positive growth by the end of the year," Bernanke told the Joint Economic Committee.
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Comments:
@laserjobs:
Not seeing and not responding are two different things... Anybody who was paying attention could see the housing bubble coming and most of us were saying 'any day now' in the middle of '05.
Bernanke's response to this mess has been less than stellar (to say the least), but i think he's got a good enough idea of what is actually happening.
@Secret Agent Man: how exactly has his respond been less than stellar to say the least? Areas of the credit market focused on by Bernanke and Co have shown strong improvement, especially with TALF.
Given these people's track record, it is probably more fiction.
I'm waiting for him to not see the latent inflation inherent with nearly tripling the money supply since last fall. Once that liquidity gets unfrozen, look out inflation!
Can someone please get me what he's been smoking? I doubt Amsterdam or Jamaica's finest can produce such delusions.
With Ben Bernanke's track record of not even seeing a buble in housing, how could he be wrong?