NEW YORK (CNNMoney.com) - Federal Reserve Chairman Ben Bernanke said Tuesday he sees "tentative signs" that the economy's dramatic decline is easing, but that full recovery won't come until the financial system is stabilized.
"Recently we have seen tentative signs that the sharp decline in economic activity may be slowing," Bernanke told students and faculty of Morehouse College in Atlanta.
Bernanke said "a leveling out of economic activity is the first step toward recovery." But an economic recovery will not be sustainable "without a stabilization of our financial system and credit markets," he added.
Among the positive indicators Bernanke mentioned were recent upticks in home sales and new home construction. He also pointed to improvements in consumer spending, notably sales of new vehicles.
Yeah, whatever. You stuffed the black holes with 10 trillion dollars and then sing songs of praises for banks to loan us money. Where's the beef?
I think the economy is finally hitting bottom but recovery for my state (California) will take a long time. We have many areas at 13% un-employment and we are about to add 30,000 laid of teachers to that number.
Until housing sales come back to California and people don't fear losing their jobs recovery will not begin in California.
No matter what Fed. Chairman Bernake says, the far-right is bound and determined not to ..... see....... progress.
However, those same nay sayers, were silent while Bush spent our Nation into oblivion!
The Bush Disaster will take time to recover from, but recover we will.
In 1981 & 1982 while St. Reagan was president we had not one, but two consecutive recessions, things looked dire. In fact, in 1982, we had the ...... same...... number unemployed, as we do today ( check it out). And we DID recover and moved on to prosperity.
Although, I blame Bush for not heeding the obvious warnings from economists back in '07. Americans must share in the blame, many are in debt up to their ears! The majority do not save, nor do they have emergency savings. The Bush Disaster has been, I hope, a wake up call for Americans!
What will you haters say when we are proven right? What will you say when all of this government spending on the American people pays off and turns the economy around? What will you do if Obama and the nation succeeds? What will you do if we succeed and America doesn't turn into the Communist country you see in your nightmares?
Make a pact with me...a covenant. If in 2 years from now, if the nation's economy has not turned around. If we are still in free fall; rising unemployment, credit crunch still there, more and more hhomeless. You can say, "Ya see, I told ya so!" and if in 2 years from nnow, EVERYBODY is doing better, I get a dollar from each one of you ghaters and naysayes...
It sounds like a good deal to me ;)