So is it really true?
Is it really over? Or was Federal Reserve Chairman Ben Bernanke just experiencing a moment of irrational exuberance when he declared that the nation’s 22-month long recession was over? Or maybe he was just experiencing a moment of garden variety “stupid,” which wouldn’t be at all surprising seeing as he is a product of S.C. public schools.
Either way, the recession is most assuredly not over … and least not for the 7 million (and counting) Americans who currently find themselves out of work.
And let’s face it … Bernanke didn’t actually come right out and say what’s being screamed in countless headlines just like the one at the top of this article. He parsed. Hedged. Qualified … i.e. provided himself with plenty of wiggle room. What he actually said was that from a “technical perspective,” the recession is “very likely over at this point,” and that remark came in a question and answer session Tuesday at the Brookings Institution.
So “technically,” the recession could “very likely” be over.
How comforting.
Here’s the deal, people … after blowing over $13 trillion on bailouts, tripling our federal deficit and jacking the national debt to unheard of levels, unemployment is still hovering at 10%. And while job losses have slowed, 300,000 people still got pink slips in August …
Plus, there’s the deterioration of consumerism in America, which means a retail-driven recovery isn’t coming anytime soon, and when it does we’ll be faced with the hyper-inflation spawned by all the new money that government printed and threw into the breach this year.
Also, let’s not forget that government thought it had solved the last prolonged recession, too … right until President Herbert Hoover’s government overreaction ushered in an even more prolonged, “Great” Depression.
By Buzz September 15, 2009 at 4:45 pm
Whew ! That’s a relief. Now I can rest easy. So all our bills are paid, everyone is employed, we have a balanced budget. We’re completely out of the woods ?
Let me bend over and grab my ankles and prepare for what comes next.
By Brandon September 15, 2009 at 4:52 pm
Once again, let me reccomend “The Great Depression Ahead” by Harry S. Dent.
By orlando September 15, 2009 at 5:11 pm
You guys are way too negative! Obama has saved us from the brink! Now let’s fix health care and then immigration once and for all!
Seize the day!
Let’s make hope and change real!
We are the ones we’ve been waiting for!
By PasserBy September 15, 2009 at 6:28 pm
I’ll believe it’s “over” when average unemployment drops back to, say, half of what it is currently. Just ’cause it’s “over” for big banks, and the Fed, it’s still crushing everyone else.
By rick September 16, 2009 at 9:28 am
Wait a minute people, why Ben’s one of us…the boys from South Carolina, I mean knowing that, how can you question his honesty, his truthfulness, his personal integrity, why I mean this guy personifies politician….er, ass-kissing mouthpiece, er well you know what I mean. So everybody, empty those savings accounts, go shopping and vacation anywhere but Orlando, Phoenix and Las Vegas (Barack wouldn’t approve). Go ahead since the mouthpiece for hopey changey said so and as ya’ll know its all butterfly’s and rainbows.
By Hal September 16, 2009 at 11:17 am
Hmmm… Is the recession over because the depression is about to begin?
By Silence Dogood September 17, 2009 at 6:02 pm
Well, the feds and other economist were only A YEAR LATE in realizing that were in a recession (which most average American’s already knew about, wasy before “the experts” caught on), so bascially he is probably just a year off in this as well. Look, we are only losing jobs a couple hundred thousand a month now – note jobs continue to be lost, that is lost not gained – that is a good sign the recession is over right? right? right?
Benanke, comb your stache and have another smoke of Peyote why don’t ya! You said before we weren’t in a recession when we actually were (for and F-ing year). Now that you say the recession is “likely over” means jack squat about in my book about the likelihood of it being over.
By James the Foot Soldier September 17, 2009 at 7:50 pm
Not to be picky Mr. Dogood but being the number geek I am over 500,000 jobs lost per month is a but higher than a “couple hundred thousand”.
Just as the latest across the board cut of 4% that was wielded at the end of August should NEVER be termed a “mid-year” budget cut. That it happened within 2 months of the governor’s signature indicates an unconstitutional numbers game being played in Columbia.
All the while every singhle egomaniacal politico on this site buries their heads in the sand….