Fed chief under more pressure than usual as he goes to Capitol Hill
WASHINGTON - Federal Reserve Chairman Ben Bernanke goes to Capitol Hill on Wednesday with a bittersweet message: The economic recovery is taking hold but won't be strong enough to quickly drive down unemployment.
Bernanke's out-of-the box thinking during the 2008 financial crisis helped prevent the Great Recession from turning into the second Great Depression. Now, however, the Fed chief faces the delicate task of making sure the recovery lasts well after massive government stimulus fades later this year.
To foster the recovery, Bernanke and other Fed officials have repeatedly pledged to hold interest rates at record lows for an "extended period." The hope is that low rates will entice people and businesses to spend more, generating enough economic activity to help keep the recovery going.
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2 comments:
Everything is okey dokey now! Can't you tell? Jobs are a dime a dozen, people are building and buying houses at record levels, and the stores are buzzing with customers!
Wow! I'm so glad it's over!
Anybody have any Kool Aid left? I just drank my last jug.
Bernanke was apparently in a coma in the lead up to the meltdown and during the TARP and PORKULUS fiascos... now, after his re appointment as Fed chair he wants to lecture us on the Federal debt that he helped run up to obscene levels.That's a little bit like Geithner lecturing us on paying our fair share of taxes....you have to wonder whther any of these people have any conscience or humility at all.
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