Bernanke Says The Recession Is Over – Wall Street Lemmings Start Buying

September 16, 2009

(ChattahBox) — Saying so, doesn’t make it so, but according to Federal Reserve Chairman Ben Bernanke, the recession is over, folks.  Bernanke said on Tuesday:

“From a technical perspective, the recession is very likely over at this point. But unemployment will “be slow to come down—it will come down, but it may take some time.”

Stocks climbed around the world and commodities advanced attributed to Bernanke’s optimism and billionaire investor Warren Buffett saying he’s buying equities again.

Bernanke went on to say at a conference in Carlsbad, California, that the economy is responding to government stimulus measures that economic forecasters expect economic growth to be relatively slow in 2010 because of “moderate headwinds” like financial and credit problems and families’ desire to pay off debts. Bernanke said he is “quite confident” financial regulation reform is coming, a key aspect to the continued economic recovery.

Meanwhile Buffett, known as the “Oracle of Omaha,” said his Berkshire Hathaway Inc. is currently buying stocks because “I am getting a lot for my money.” Buffett told CNBC that while the economy “hasn’t gotten worse” but also hasn’t “gotten much better” over the past three months, he doesn’t expect a ‘double-dip’ recession and sees significant improvement in residential real estate.


Comments

One Response to “Bernanke Says The Recession Is Over – Wall Street Lemmings Start Buying”

  1. Frank Fitton on September 16th, 2009 4:38 pm

    I applaud Mr. Bernanke for these comments. That applause is due whether he honestly believes what he’s saying or not. By Bernanke making these comments I think that it will at least ease people’s fears and possibly encourage optimism. That alone could help contribute to our climb out of the recession. I think a whole lot of what determines how long the recession lasts, is people’s attitudes to it. Its a simple fact that we need people to be out spending money to stimulate our economy. People that feel that the recession is going to go on forever are not going to be saving any money they may have, their going to hoard it which will not contribute to our recovery in anyway.

    Check out my blog on Bernanke’s assertion at ….. http://www.thedebtgazette.com/2009/09/bernanke-recession-over/

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