Bernanke sees signs of economic improvement

[Amerigo Vespucci]

Source: MSNBC

WASHINGTON - Despite a recent spike in the nation’s unemployment rate, the danger that the economy has fallen into a “substantial downturn” appears to have waned, Federal Reserve Chairman Ben Bernanke said Monday.

Addressing a Fed conference in Chatham, Mass., on Monday night, Bernanke said a government report last week showing the unemployment rate rising from 5 percent in April to 5.5 percent in May — the biggest one-month jump in two decades — was “unwelcome.” However, the Fed chief said other forces should “provide some offset to the headwinds that still face the economy.”

The Fed’s powerful doses of interest rate cuts, the government’s $168 billion stimulus package, further progress in the repair of problems in financial and credit markets, a gradual ebbing of the drag from the deep housing slump and still solid demand from abroad for U.S. exports should help the economy over the remainder of this year, he said.

Although economic activity is “likely to be weak” during the current April-to-June quarter, Bernanke said “the risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.”

Read more: http://www.msnbc.msn.com/id/25068662/

[RUMMYisFROSTED]

1. Chantilly lace...

[rdublue]

2. I don't believe it

It was reported that part of the jump in the unemployment rise is teens starting summer jobs. Not exactly the kind of thing that brings a tanking economy out of the dump.

[knight_of_the_star]

21. What summer jobs

While I'm not a teenager I've had great fun finding summer jobs here in a town that gets lots of tourism in the summer. Most restaurants are turning people away this summer around here due to lack of customers.

[Tandalayo_Scheisskopf]

3. I see signs...

Of Schizo Affective Disorder and a cheerleader's uniform under his suit in Ben Bernanke.

[tech3149]

11. Just remember this is the guy that in 2005

said there is no housing bubble. Delusional to the end.

[acmavm]

4. He sees signs of 'improvement'?? Where?

[bdamomma]

5. another addicted kool aid drinker.

[LibDemAlways]

6. Those interest rate cuts are giving the banks an excuse to pay

zilch on savings/cds. Meanwhile those same banks are charging through the roof rates on credit cards which many people are living off of because their measly paycheck won't fully cover the cost of gas/groceries/insurance/mortgage or rent payment/health care/utilities/school expenses/taxes and on and on. That's for those lucky enough to have a job that hasn't been outsourced or eliminated. It's a nightmare situation. Bernacke is a hack.

[asjr]

7. In what country?

[conspirator]

26. Maybe in his pocket there are signs of improvement n/t

[ToeBot]

8. My economics professor called this "Talking Up" the economy. In human-speak it's called BULLSHIT! nt

[ellenfl]

17. i think that's 'bush-it'. eom

[mikeytherat]

9. LOTS of bullet points and conjecture in this article, but NO DETAILS

However, the Fed chief said other forces should “provide some offset to the headwinds that still face the economy.” - Should

The Fed’s powerful doses of interest rate cuts, the government’s $168 billion stimulus package, further progress in the repair of problems in financial and credit markets, a gradual ebbing of the drag from the deep housing slump and still solid demand from abroad for U.S. exports should help the economy over the remainder of this year, he said. - Should

However, Bernanke said, “Recent incoming data, taken as a whole, have affected the outlook for economic activity and employment only modestly.” - Care to expound on these data? Didn't think so.

“Much evidence suggests that expectations have become better anchored than they were a few decades ago, but that they nonetheless remain imperfectly anchored,” Bernanke said. - Evidence such as...?

mikey_the_rat

[Wcross]

10. Maybe his crack dealer gave him a two for one deal?

Obviously Bernanke has lost touch with reality. Maybe his wife does all the shopping?

[alcibiades_mystery]

12. Doesn't he always?

The neo-liberal system is a catastrophe, but they always see "improvement." Fucking improvement for THEM, they mean.

[Javaman]

13. just a cheerleader clapping harder to make it all go away. nt

[Doctor_J]

14. True - we're a month closer to * leaving office in shame

it will continue to get better as that prospect nears.

[truthisfreedom]

15. "Go out there and talk up the economy, Ben. It's your job! Get the hell out there!"

"What do you think we're paying you for?"

[liberal N proud]

16. signs. signs, everywhere signs

None of them telling me the economy is improving.

For Sale Signs

Going Out of Business Signs

Clearance Signs

Gas Price Signs

Nothing looks too good from here.

[mcollier]

18. This guy is just like the rest of the dishonest

peices of shit we have had leading our country during the past 8 years.

Haven't we had enough bull shit? I mean really...

[knight_of_the_star]

22. One particular sign is missing from all the signs out there

The Help Wanted sign

[Magleetis]

19. Yeah right

He can afford gas. FUBB

[OhioChick]

20. Where Might I Ask? n/t

[cliss]

23. Bernanke's days may be numbered.

I've read that there are now some governors in the Federal Reserve who are openly opposing Bernanke. Typically the governors are all unanimous in their positions, but recently there has been open dissent.

[Orsino]

24. ...on the insides of his eyelids.

Also, on the piece of paper the White House gave him to read.

[Voltaire99]

25. Amusing. Now here's a much more accurate view on what's happening.

Paul Craig Roberts on the Fed's role in high oil prices:

http://www.counterpunch.org/roberts06112008.html