Monday, March 16, 2009

Bernanke's Crystal Ball

Ben Bernanke told 60 Minutes, "we'll see the recession coming to an end probably this year. We'll see recovery beginning next year. And it will pick up steam over time."
Hey that's great, but how does he know? I asked the Magic Eight Ball and it told me to Ask Again Later.
Sorry to be a Debby Downer, but we're probably just beginning to see massive trickle down on Main Street. With more bank failures popping up each week and big businesses closing everywhere, I'm apt to listen more to my Magic Eight Ball.
An article by the Associated Press consults several economists on the issues of jobs, housing, and stocks. Basically they all say agree that no one knows when we'll see the economy bottom out.
According to Economist Sophia Koropeckyj, a managing director at Moody's the two signs that the economy is in recover are: an inching up in companies hiring temporary workers and a rise in the number of hours worked by those who have managed to keep their part-time and full-time jobs.
It's too early to see if the President's Recovery plan will work. So, I'm not sure what Bernanke is trying to sell, but good for him for embracing the power of positive thinking.
By now I'm sure you know the real reason everything has come crashing around us, but just in case you weren't's Allen Greenspan's fault. Just check out this video, it does a nice job of explaining it all.

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