Ben Bernanke: The Recession’s Over…technically

From Mike Thompson’s blog at freep.com

Federal Reserve Chairman Ben Bernanke wasn’t trying to be callous when he spoke about the economy recently, but his remarks came off sounding about as warm and empathetic as a Siberian blizzard.

“From a technical perspective, the recession is very likely over at this point,” Bernanke was quoted as saying by the Associated Press. A “technical perspective”? As if all the human misery occurring in America should be overlooked because a bar graph shows an rise in housing starts, or an optimistic report on retail sales is released. 

In fairness, Bernanke noted that that the economy will remain weak and hinted at continued job losses. But that only leaves you wondering how Bernanke can reconcile his comments about a feeble economy and longer unemployment lines with his claims of a budding economic recovery. Continue reading…