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Ear to the Ground

Economic Decline May Have Slowed

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Posted on Jul 21, 2009
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AP / J. Scott Applewhite

The economic decline has slowed by this much: Ben Bernanke delivers a report Tuesday on the recession.

Fed Chairman Ben Bernanke presented a report Tuesday on the U.S. economy’s health before the House Financial Services Committee. On the “bright side,” the economy appears to be declining at a slower rate than before, but home prices are still falling, credit is still very tight and, oh yeah, job losses are still rising. As a result of all the good news, the Fed intends to maintain “exceptionally low” interest rates for a while longer.

The New York Times:

The pace of economic decline appears to have slowed, but the labor market remains weak and, in response, the Federal Reserve is likely to maintain interest rates at “exceptionally low levels for extended periods,” Ben S. Bernanke, the Fed’s chairman, told lawmakers on Tuesday.

Testifying before the House Committee on Financial Services, Mr. Bernanke said in his comments that despite positive signs of an improvement in the American economy, “the job loss rate remains high and the unemployment rate continues its steep rise.”

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By Shift, July 22, 2009 at 8:06 am Link to this comment

Corruption only breeds more corruption.  Employ the strategies necessary to protect your families from the dual corruptions of Washington and Wall Street.

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By Amon Drool, July 21, 2009 at 6:03 pm Link to this comment

a couple of financial blogs today have reported that large amounts of USD$ have been shipped to american embassies overseas.  the conjecture is that the $ will be used to buy fairly large amounts of local currency ahead of a USA bank holiday in aug/sep when the USD will be de-valued…wish i had more gold and silver

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By Chris, July 21, 2009 at 3:57 pm Link to this comment
(Unregistered commenter)

The so-called mainstream media, Wall Street, and K Street (U.S. politicians) continue to sugarcoat a rotten economic reality. Bernanke stating “economic decline slowing down” shouldn’t be considered good news—just more bad news. Instead of dying a quick economic death (20% unemployment, banks collapsing), we all get to die a slow economic death (e.g. mounting job losses, mounting foreclosures, higher taxes).

If people like Rubin, Bernanke, Summers, Gramm, Geithner are considered “great minds”, I’d hate to see what the “worst minds” are.

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By rollzone, July 21, 2009 at 12:17 pm Link to this comment

hello. the bailout went to the banks. institutions wrote off toxic investments. they are healthier, while we are all broke; and the job market shrinks without revenue. how can there be a recovery for anyone on main street? household spending is leveled off at: scraping the bottom. inflated food prices, and utilities that never come down in cost; have been strangling spending, while keeping the cost of gasoline from going up. as taxes increase, and the fed prints more funny money; inflation will destroy our dollar- and finally there will be a world currency, and we can all get on with our lives.

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