Bernanke Says Economy Seems to Be on Track

[undeterred]

Source: Wall Street Journal

By JON HILSENRATH and LUCA DI LEO

Federal Reserve Chairman Ben Bernanke offered cautious reassurance that the U.S. recovery is on track, despite recent turmoil in financial markets and worries about the health of Europe's economy. "There seems to be a good bit of momentum in consumer spending and investment," Mr. Bernanke said at a dinner hosted by the Woodrow Wilson International Center for Scholars. "My best guess is we'll have continued recovery, but it won't feel terrific."

In addition to longstanding worries about anemic U.S. job growth and a fragile banking system, Fed officials have been watching warily in recent weeks as U.S. stock prices decline amidst Europe's worsening economic outlook.

Mr. Bernanke noted that the U.S. recovery seemed to have become more entrenched in the first half of 2010. Last year, growth was driven by government stimulus and inventory rebuilding by firms. Now, he noted, consumers and businesses were kicking in. "There are some signs that the private sector is picking up the baton," he said.

However he added Europe to the long list of caveats that give Fed officials pause. "We're watching that whole situation very carefully, he said referring to European efforts to rein in large government budget deficits. He also noted that with the economy growing at a moderate pace of between 3.0 and 3.5%, it will take time for the unemployment rate to come down.


Read more: http://online.wsj.com/article/SB10001424052748703303904575293500401370006.html?mod=googlenews_wsj

[mikita]

1. forgot to mention that the track was moved to the edge of the cliff

[wordpix]

14. lol

[jschurchin]

2. Isn't he the same

fucking moron who said there was no housing bubble? Ben Bernanke is a fucking idiot who is only concerned with one thing. Making sure the financial industry fuck's honest hard working Americans every chance they can get.
Don't believe me? Check your 401k.

[wordpix]

15. also the same moron who insured billions in bailout for the richies

Heckuva job, Ben!

[DJ13]

3. Must.Save.Stock Market

Ever notice these kinds of happy talk statements always come out when stocks are falling?

[sendero]

4. Blah blah blah...

... blah blah blah blah "growth" blah blah blah "quantitative easing" blah blah blah "trajectory" blah blah blah "recovery" blah blah blah "I'm taking care of wall street" blah blah blah blah "you proles on main street can go fuck yourselves suckers" blah blah blah.

Why anyone would give two shits about what this used car salesman has to say is beyond me.

[jtuck004]

5. He must HAVE a job.............. n.t.

[lib2DaBone]

6. Mr. Obama says the Gulf will recover, BP says there is only a "small spill".

Haley Barbour says there is no leak at all...? lol

There is a deadly outbreak of HUA in the news today... (head up ass)

[HCE SuiGeneris]

7. The hip waders are no longer effective.

I'm going for a full containment suit.

[TheWatcher]

8. Some people believe in Leprechauns

And some people are lying criminals for whom jail is far too lenient a punishment.

It takes all kinds I guess.

[Warren Stupidity]

9. Translation: we are fucked.

The Euro-burp is going to replummet the planet.

[truthisfreedom]

10. Bull Fucking Shit. Look at this graph.

The red line is the present recession. Look at the dotted line... that's the jobs we would have without the census hiring, which will end soon. We've plateaued. We're not gaining jobs right now, and this is by far the deepest recession we've had since WWII.

[Lost4words]

16. I guess things look good to all those at the top of their game!

try being told you will never have a job again due to long term unemployment!

[harkadog]

11. The economy is on track for the rich

It is very off the tracks for the rest of us.

[AtheistCrusader]

12. RUN FOR THE HILLS

Bernanke says everything's great, we're fucked

[AllentownJake]

13. We are fucked

This guy is never right.