Bernanke: U.S. Action Could End Recession in 2009

Bernanke: U.S. Action Could End Recession in 2009 - 2/24/2009

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HEADLINE NEWS:

Bernanke: U.S. Action Could End Recession in 2009, Despite severe economic contraction, he tells Senate Banking Committee, there's "a reasonable prospect" of recovery beginning next year if the president, Congress, and Fed succeed in restoring stability.
Roy Harris

CFO.com. February 24, 2009
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EXCERPT: Federal Reserve chairman Ben Bernanke believes there is "a reasonable prospect" that federal government success in restoring financial stability could bring about an end to the recession this year, so that "2010 will be a year of recovery." In testimony before the Senate Banking Committee on Tuesday morning, in which he detailed recent economic deterioration and pledged Fed "transparency" reforms, Bernanke gave his audience a surprisingly sanguine appraisal — conditioned on the Obama administration, Congress, and the Fed working together well. "If financial conditions improve," he added, "the economy will be increasingly supported by fiscal and monetary stimulus, the salutary effects of the steep decline in energy prices since last summer, and the better alignment of business inventories and final sales, as well as the increased availability of credit."

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