What was so blindingly obvious to everyone on Main Street just became news to the Federal government and to Wall Street to day. The National Bureau of Economic Research released findings today saying that the economy has been in a recession since December of last year. It also turns out to be one of the longest downturns since the Great Depression. The DOW tanked in response losing 679.95 points. Federal Reserve Chairman and economic Nostradamus Ben Bernake, speaking from Austin, Texas, stated that the current economic weakness will be with us for a while and that “The likely duration of the financial turmoil is difficult to judge.” And while the Fed may cut interest rates yet again, they may be at the very end of what that could achieve. And while the pain that average Americans have been feeling has been very real, how long they'll have to endure it and what will cure it isn't so obvious.
Monday, December 1, 2008
We told you so
What was so blindingly obvious to everyone on Main Street just became news to the Federal government and to Wall Street to day. The National Bureau of Economic Research released findings today saying that the economy has been in a recession since December of last year. It also turns out to be one of the longest downturns since the Great Depression. The DOW tanked in response losing 679.95 points. Federal Reserve Chairman and economic Nostradamus Ben Bernake, speaking from Austin, Texas, stated that the current economic weakness will be with us for a while and that “The likely duration of the financial turmoil is difficult to judge.” And while the Fed may cut interest rates yet again, they may be at the very end of what that could achieve. And while the pain that average Americans have been feeling has been very real, how long they'll have to endure it and what will cure it isn't so obvious.
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