Tuesday, 24 February 2009

The two year recession

"If actions taken by the administration, the Congress, and the Federal Reserve are successful in restoring some measure of financial stability -- and only if that is the case, in my view -- there is a reasonable prospect that the current recession will end in 2009 and that 2010 will be a year of recovery,"
Ben Bernanke

The NBER has already dated the beginning of the recession as late 2007. So, if Bernanke is right; and I think he might be; the US could be looking at a 8-9 quarter recession.


Mitch said...

It will all be over by Christmas....ho ho ho

Anonymous said...

Britain is also mired in a multi year recession.

Anonymous said...


Has got anything right so far?

Sebastian Weetabix said...

This depression is only just getting started. The Anglosphere is in for stagdeflation and we won't be out of it before 2013.

Anonymous said...

First, Bernanke says IF all the measures taken work, THEN we will see recovery.

IMHO, IF everything works we (US) may very well see some recovery, but the $800 billion question is for how long? Once the effects of the stimulus package wear off, which they will, we will most likely be back in the soup.

Finally, Bernanke is the same idiot that said the subprime problem was contained (and only $50 billion). So his crystal ball is tpreety lousy...

Rick said...

Is he having a laugh?

aSteve said...

Ditto Anonymous #4.

That's a mighty huge "IF"

AntiCitizenOne said...

What's needed is to raise the yield on the whole economy.

What he's doing is keeping negative yielding businesses in the economy. This can only have the effect of extending the recession into a depression.

Past Expiry said...

Check out this cartoon about the recession!

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