June 8th, 2010
08:32 AM ET
10 years ago

Bernanke: Recovery continues but 'won't feel terrific'

Bernanke warns that economic recovery is 'going to take a while.'

Bernanke warns that economic recovery is 'going to take a while.'

Washington (CNNMoney.com) - Federal Reserve Chairman Ben Bernanke says he expects a continuing economic recovery – "but it won't feel terrific."

In an interview at a forum late Monday in Washington, Bernanke dodged a question about whether he fears a double-dip recession, saying "nobody knows with any certainty."

"But there seems to be a good bit of momentum in consumer spending and investment, so my best guess is that we'll have a continued recovery," Bernanke told veteran TV journalist Sam Donaldson. "The reason it won't feel terrific is because it's not going to be fast enough to put back 8 million people who lost their jobs within a few years. It's going to take a while."

He warned the unemployment rate will remain high "for a while," explaining, "that means that a lot of people are going to be under financial stress."

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Filed under: Ben Bernanke • Economy
soundoff (15 Responses)
  1. No Incumbents 2010

    Obama and Bernanke are totally out of touch with the pain their policies are causing to Americans. Open up federal lands to safe drilling and stop the deficit spending!

    June 8, 2010 08:35 am at 8:35 am |
  2. aneanderthal

    Don't worry our "totally engaged" inept, corrupt president, who has not yet even talked (in the 7th week of the oil spill to the president of BP) will continue with the White House Concert series, in hopes of getting more drug crazed, washed up musicians to knock Bush. It is after all, the liberal way.

    June 8, 2010 08:35 am at 8:35 am |
  3. Ferret out the BS

    People want instant economic turn around and it just isn't going to happen. The economy took a long time to get into this state so it's reasonable to assume it will take time to get back. It will take longer if the Banks and other financial institutions don't help main street and continue to suck what they can from the wage earner.

    June 8, 2010 09:01 am at 9:01 am |
  4. Rick McDaniel

    This prediction is fairly realistic. There is no way to restore this economy, before 2014.

    June 8, 2010 09:11 am at 9:11 am |
  5. Chessnutz of Liverpool NY

    This private bank has bankrupt the American people. Time for the Congress to return to doing their job as set forth in the constituition.
    Stop the hidden tax of inflation that holds the individual citizen back from gaining wealth.

    June 8, 2010 09:13 am at 9:13 am |
  6. Henry Miller, Libertarian

    In other words, government, having hosed the economy by telling Fannie Mae and Freddie Mac to give people mortgages they were guaranteed to default on, now finally admits the truth that there's nothing government can do to fix the problem it caused, and that the only thing that can be done is wait until the economy fixes itself.

    This is one of the many dangers the federal government poses: it has enough power to cause immense destruction, but not the power to repair the damage it causes.

    June 8, 2010 09:17 am at 9:17 am |

    It doesn't feel terrific because there is NO recovery...no matter how many times Obama tries to claim other wise, like those 400,000 "non-jobs" last week.

    June 8, 2010 09:18 am at 9:18 am |
  8. phoenix86

    Expect unemployment to go back up when the Census is done. Expect taxes to increase twice, once when the Bush tax cuts expire this year, and again when Obama proposes a VAT. Expect mortgage interest deductions to be "modified" and made more "fair". Then expect unemployment to rise again.

    All in the name of a leftist agenda.

    Anyone who still believes in Obama and the left is mentally unstable. Nothing else can explain it.

    June 8, 2010 09:32 am at 9:32 am |
  9. Larry

    Bernanke is just another flunkie from the Bush admninistration.

    Continuing recovery? It looks like we're going into a double-dip recession.

    June 8, 2010 09:43 am at 9:43 am |
  10. db

    I thought part of the "change" that Obama promised was an end to this kind of double-talk. For shame.

    June 8, 2010 09:56 am at 9:56 am |
  11. GI Joe

    .....but but but but ...

    Tho we spent about 8 years digging a deep hole in dung, we now want to be pulled out and have a luxury shower with maids and butlers in attendance awaiting at the top of the deep dung hole.

    We want it now – we want it now !!

    ....... kids of the baby boom, we had freedom, we had money, baby boom, here in the land of milk and honey -

    June 8, 2010 10:03 am at 10:03 am |
  12. mother and sister of a soldier

    Please explain the recovery when the only jobs created have been temporary or government positions? They still spend tax payer money like we have the ability to fund this. Not a responsible government.

    June 8, 2010 10:07 am at 10:07 am |
  13. Darth Vadik, CA

    What is that thing therapists say about how long it takes to recover form a bad and abusive relationship?

    After 8 years of Bush, you do the math.

    June 8, 2010 10:17 am at 10:17 am |
  14. thor

    Most of the time when governments meddle in the free market system no good can come from it.Interest rates being kept artifically low for extended periods of time can not help us recover from a deep recession although it my help the government deal with it's massive amount of debt.

    June 8, 2010 10:20 am at 10:20 am |
  15. Slider

    Bernanke knows that the 'recovery' is a result of money printed by his Fed and the treasury.

    The value of the dollar has dropped, and interest rate risk is just around the corner, and coupled with the Fed Funds Rate going up, will be a disaster for banks.

    Bernanke knows this. He also knows that he cannot maintain this state of affairs much longer, and that when he actually starts doing the right thing, this 'recovery is going to melt away like an ice cream bar on the surface of the sun.

    Bernanke is a liar.

    June 8, 2010 10:23 am at 10:23 am |