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Ear to the Ground

Bernanke Says Recession Is Over, Economy Still Sucks

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Posted on Sep 15, 2009
Flickr / freemarketmyass

Fed Chair Ben Bernanke declared Tuesday that the recession is “very likely over at this point,” but don’t get too excited. The non-investment bankers among us still have a lot to worry about: “[I]t is still going to feel like a very weak economy for some time as many people still find their job security and their employment status is not what they wish it was.”

What do you expect for a few trillion in bailouts and bad asset guarantees? Maybe these people are on to something (or maybe just on something).  —PS

Wall Street Journal:

The rebound, he added, would likely be so moderate it wouldn’t produce many jobs.

“Even though from a technical perspective the recession is very likely over at this point, it is still going to feel like a very weak economy for some time as many people still find their job security and their employment status is not what they wish it was,” he said.

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By stcfarms, September 16, 2009 at 3:23 pm Link to this comment

Wow, now I can go out and borrow a half a million dollars for $20,000 worth
of lumber on $2,000 worth of land. Shop till you drop America, just do not
look behind the curtain…

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By AT, September 16, 2009 at 12:30 pm Link to this comment
(Unregistered commenter)

Acoording to Glen Beck or (GW Bush)” It’s a jobless recovery, stupid.”

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By Mary Ann McNeely, September 16, 2009 at 12:08 pm Link to this comment

If you believe anything the United States government says, whether run by Republicans or Democrats, you need your head examined.  And that includes the words “a”, “and” and “the”.

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By samosamo, September 16, 2009 at 8:32 am Link to this comment

I definitely agree with losthills that bernanke belongs in jail along with geithner
and summers and really a host of others from wash d.c. and wall street because
HE does not determine when this financial crisis is over just by saying it is so.

What he is really saying is all that bailout money is now invested in the stocks and
bonds market for those crooks who were given OUR, the taxpayers money, by
that other den of thieves, congress and it is a very serious mistake the idea of the
stock market being and indicator of how well the economy is doing, hell it is a
severe mistake to use the stock market as THE ONLY indicator of how ‘strong’ the
economy is doing.

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By LostHills, September 16, 2009 at 5:46 am Link to this comment

Bernanke is a criminal and belongs in prison. To send this creep out to tell us the recession is over shows how out of touch with reality the Obama administration really is. I guess things are looking pretty good to him and his cronies since they bought off the president of the United States and the citizens stood for it. But this country is sliding into a depression, everyone who works for wages knows it, and lies can’t change it.

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By Fat Freddy, September 16, 2009 at 5:43 am Link to this comment

“Even though from a technical perspective the recession is very likely over at this point, it is still going to feel like a very weak economy for some time as many people still find their job security and their employment status is not what they wish it was,”

Employment numbers have traditionally been a lagging indicator, and it probably will be in this recession as well. Add to that, the tightening of the available credit belt. And add to that, the fact that we’re entering the Winter season. There are many small businesses that rely on Summer business to help them through the Winter months. Many of these businesses barely made it through this year to this point, and many have very little, if any, savings, myself included. It’s going to be a very rough Winter for many. Not just for the owners of small businesses, but for their employees, as well.

However, I do think that there will be a big rebound come next Spring. Don’t forget, our economy is about 70% consumer spending. And spending is a drug which most people can’t live without. We are indoctrinated into the belief that spending money makes us feel better. And it does, to varying degrees. It gives us a sense of accomplishment. I think that by the end of this Winter, people will be so disgustingly depressed, ans so crazed from Cabin Fever, that they will have no choice but, to start spending money. The same way a crack addict spends a newly found wad of cash.

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