The Chairman of the Federal Reserve Ben Bernanke hopes that the current recession, already into its second year, will end in 2009. Bernanke shared the welcomed news with Congress today.
Before you let out a sigh of relief know that there is still reason to be anxious. Bernanke's rosy prediction that 2010 could be a year of recovery hinges on the success of the government's plan to stabilize the financial markets. So far just the announcement of housing and bank rescue plans have done little to soothe them. Let's hope actual implementation does more.
Risks that could bring the doom and gloom into the next decade include: financial troubles overseas that could hurt US exports and increased unemployment if the government can't bring up consumer spending by stopping current job loss, tanking homes values, and shrinking nest eggs.
Do you have faith that next New Year's Eve, you'll be ringing in the end of the recession?
Dune
I think Bernanke took Clinton's 'sound hopeful' advice too seriously.
1"Do you have faith that next New Year's Eve, you'll be ringing in the end of the recession?"
IMO, this package will not stabilize the financial market, and we will continue this recession until the housing sector corrects itself, and we get the foreclosures under control.
2And me, I hope I win the lottery! (I'd better buy a ticket.)
3I have 5 tickets to the Mega Millions drawing tonight! If I win I'll be nice and give the government half of my winnings
4That just got me thinking, maybe the federal government should do a its own lottery to raise money and pay down the deficit? I'm going to call Bernanke right now...
5The more we do to stabilize the housing market, the longer it will be until the recession ends.
6mydia thats a great idea!!
7mydia I like that idea too. Lots of people would be willing to buy tickets for that.
8I hope it gets better too
9I hope it gets better by the New Year, but I'm not holding my breath.
Ooh, I'm in on the lotto idea too.
10The lottery idea sounds fun! I'd participate.
11mydiadem for Treasury Secretary!!
(you've paid your taxes right??
)
12to be honest i am pretty optimistic, i think once consumers regain their faith in the free market then we will start to see things turn around
13fluterpie, i hope you are right, but I am afraid the odds are against it. We have handed too much debt, and unfunded liabilities to the 40 and under population, to allow them to live the "American Dream" as we have known it for the last 63 years.
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