Tuesday, September 15, 2009

Bernanke: The Recession is "probably" over

The Economics profession gets in line. And no quantification for such a significant opinion. What is "very likely"? 60%? 75%? 99.999%?

WASHINGTON (AP) -- Federal Reserve Chairman Ben Bernanke said Tuesday that the worst recession since the 1930s is probably over.

Bernanke said the economy likely is growing now, but it won't be sufficient to prevent the unemployment rate, now at a 26-year high of 9.7 percent, from rising.

"The recession is very likely over at this point," Bernanke said in responding to questions at the Brookings Institution.

The Fed boss also said he is confident that Congress will enact a revamp of the nation's financial rule book to prevent a future crisis from happening.

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