Tuesday, February 24, 2009

Bernanke Thinks Economy Could Recover Next Year; No One Believes Him

Some veiled optimism from the Fed chief, buried in a stack of doom and gloom.
If actions taken by the administration, the Congress, and the Federal Reserve are successful in restoring some measure of financial stability — and only if that is the case, in my view — there is a reasonable prospect that the current recession will end in 2009 and that 2010 will be a year of recovery," Bernanke said.
This statement indicates that we'll know within 6-9 months if the trillions of dollars of spending are stimulating the economy or just the Socialists. Huzzah.

By the way, if anyone's keeping score, the DJIA closed yesterday at its lowest point since October, 1997. The index closed at 9.625.28 on November 4, the day BO won the election. The Inauguration Day close was 7,949.09. Yesterday: 7,114.78 (down 735.63 or 9.3% just since the Spending Bill was signed into law).

Hope for change.

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