Fed Chair Ben Bernanke says that the U.S. economic recession will end this year and that 2010 will be a year of recovery.
No really. He said that.
What … you think we just make this stuff up?
From 60 Minutes:
“We’ll see the recession coming to an end probably this year. We’ll see recovery beginning next year.”
Left unaddressed was whether monkeys will fly out of Bernanke’s butt later this year or in 2010.
In addition to sounding the “happy days are (almost) here again” alarm, Bernanke took credit for stabilizing the markets and said that the government has a foolproof plan that will only fail if Congress stops spending money.
No really … that was the only condition for failure.
Keep in mind this guy was educated in South Carolina, though, so there’s no guarantee he can read, let alone put decimal points in their proper place.
Look, people, if the economy does turn around in 2010, it won’t be because of all the bureaucratic bailouts or the trillions in new government debt, it will be because capitalism – even when saddled with a socialist noose the likes of which history has never seen – simply couldn’t be contained.
It may all be built on credit, but who cares about that?
Well, except the Chinese. Damn …
So … do you believe Bernanke?