Bernanke: Economy should grow again later in 2009

[Chris]

Bernanke: Economy should grow again later in 2009

WASHINGTON – Federal Reserve Chairman Ben Bernanke told Congress Tuesday the economy should start growing again later this year, his most optimistic assessment of the country's financial health since the recession struck with force last year.

But Bernanke warned that even after a recovery gets under way, economic activity is likely to be subpar. That means businesses will stay cautious about hiring, driving up the nation's unemployment rate and causing "further sizable job losses" in the coming months, he told the Joint Economic Committee.

The recession, which started in December 2007, already has snatched a net total of 5.1 million jobs. The unemployment rate "could remain high for a time, even after economic growth resumes," Bernanke said.

But while some economists believe unemployment could hit 10 percent by the end of this year, the Fed doesn't share that view. The unemployment rate will probably climb "somewhere" in the 9 percent range, Bernanke said.

(more)

[NHSparky]

Excuse me, can someone here explain how they pull December 2007 from their asses as the start of the recession?

[thundley4]

The Dems spent the last few years telling us how bad the economy was, and even continued right up until the huge Socialist Agenda Spending and Takeover Bill was passed.  Now they are worried about keeping their power in 2010, so they change their tune.  If the GOP had any balls, they'd keep hammering on how poorly the economy is doing.  

Excuse me, can someone here explain how they pull December 2007 from their asses as the start of the recession?

It's part of their Blame Bush for all bad things program.  Unfortunately for them the Dems were in power at that time anyway.

[DixieBelle]

They are using the Democrat time machine again I see. Idjits.

[lastparker]

I like the timing of this.  I may have it framed.  My husband lost his job of 22 years today.  Yay