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Federal Reserve Chairman Ben Bernanke said Tuesday the worst recession since the 1930s is probably over, although he cautioned that pain — especially for the nearly 15 million unemployed Americans — will persist.
Are these people really that out-of-touch with real America?
"That's one reason why, even though from a technical perspective, the recession is very likely over at this point, it's still going to feel like a very weak economy for some time," Bernanke said. "As many people will still find their job security and employment status is not what they wish it was."
Recession is commonly measured by the function of GDP, in which a contraction over x number of quarters = recession. The trend appears to have bottomed and will likely rebound.
So he is tecnically correct if the rebound is true.
However I do agree with him that regardless of what GDP does- it will be a slow and painful 'recovery', and many sectors in the economy will be in their own recession for quite some time.
I don't think anyone is painting this with rose colored glasses. His "quote" should be read in it's entirety, and I do tend to agree.
I disagree with Bernanke. We have yet to see the commercial real estate collapse. Which is happening now. I see it in gaithersburg MD a lot of office spaces are emptying with no new renters. Just wait credit cards are next. It is far from over. Just my opinion.
Of course it's over! Obama is now in office! People who want to paint this as a Bush only problem are trying to make Obama look in the clear. When in reality it wasn't a Bush, nor is it an Obama problem. Hell this all started back when Clinton was in office. Not that it was his fault either.
This is what happened, and it happened before any major industry hits our economy. Back in the 90s when the tech stock (overinflated) and making the 90s economy great because we had a new market. Which had more to do with the Bill Gates and Steve Jobs of the world than anything Clinton did, it also caused a problem with overinflated stocks. When these tech stocks burst in at the end of Clinton's presidency (Again, not his fault) so did the economy. We haven't recovered since. People will Blame Clinton, Bush, Obama, anyhow. Ask anyone that knows anything about the stock market and how things work.
"Alan Greenspan, head of the Federal Reserve, recognized the situation very early. In 1995, Greenspan tried to warn the financial community by coining the phrase "irrational exuberance" to describe the new stock market bubble that was growing dangerously. No wonder he recognized the danger: Greenspan was born in 1926, and well remembered the last time it happened!"
Seriously... is anyone still listening to these douchenozzle economists any longer? So long as inflation continues to outpace wages, so long as underemployment and unemployment persists, and so long as people blindly follow consumerism, we will be in a recession/depression.
I, however, am finding financial success in this recession... this paycheck, I saved over 200 bucks, and I'll probably have even more left over at the end of this week!
They're focusing too much on localized reports. For example, in Austin TX the economy IS picking back up on a measurable level because they were more diverse than some areas, but here in Atlanta it's not because our economy was far too dependent on construction/housing, so it's going to be a while before we dig out. My family in Charleston (WV) says while things were bad there, it was never "OMG bad", because Charleston was never in a "boom town" mode to begin with - the old "the less you have, the less you have to lose", thing I guess.
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