Bernanke says recession 'very likely over' [Too bad about your job...]

Yahoo! News / The Associated Press ^ | September 15, 2009 | Jeannine Aversa and Alan Zibel

[2ndDivisionVet]

Federal Reserve Chairman Ben Bernanke said Tuesday the worst recession since the 1930s is probably over, although he cautioned that pain — especially for the nearly 15 million unemployed Americans — will persist.

Bernanke said the economy likely is growing now, but he warned that won't be sufficient to prevent the unemployment rate, now at a 26-year high of 9.7 percent, from rising.

"From a technical perspective, the recession is very likely over at this point," Bernanke said in responding to questions at the Brookings Institution. "It's still going to feel like a very weak economy for some time because many people will still find that their job security and their employment status is not what they wish it was."(continued)

[2ndDivisionVet]

"Bernanke said the economy is coping with "ongoing headwinds," including hard-to-get-credit for consumers and businesses, and households saving more, spending less and trimming their debt."

"Hard to get?" Try damn near impossible!

[madison10]

It’s not going to “be over” just because these clowns say so. They created the runaway train and this baby ain’t that easy to turn around.

[Favor Center]

The recession may be over, but the depression is just getting started!

[mylife]

[Travis McGee]

"Business will turn for the better this month or next, recovering vigorously in the third quarter and end the year substantially above normal."

~~Harvard Economic Society, May 17, 1930

[Wisconsinlady]

This idiot would be better off jumping back down into his rabbit hole in wonderland.

[Secret Agent Man]

So we’ve made it down to the first contraction, down to the first step of the new, smaller american work force.

I think the second step down is going to be harder to stomach. The third will probably start chaos, as more people wake up and see this is all deliberate and planned.

These people are tanking America on purpose on multiple fronts. Destroying the currency by printing more of it than toilet paper. Destroying the private sector by facism. Destroying freedom and exerting massive control over individuals by this ‘faux’ health care crisis that it must be passed NOW but won’t actually KICK IN until 4 YEARS LATER!!!!!

This is a red herring and a false flag op. If they wanted to insure the uninsured they could go buy 30 (or is it 47 Barack?) million people pooled coverage now and leave the rest of us alone. Nope can’t have that, Big Brother can’t get your personal data and financial control over your bank accounts ,even though we’re in the process of nationalizing the banks, one failed institution at a time.

[JohnD9207]

From a technical perspective, the recession is very likely over at this point,” Bernanke said__________________________

From a technical perspective???????????? Wow what a cold bastard! Tell that to the 300,000 folks who are gonna lose their jobs this month. But as long as you have free healthcare, being out of a job is a snap.
So much for the compassionate democrats...scoring political points to make BAMMY feel better about himself.

[rabscuttle385]

Ben needs to share some of whatever he's smoking. Share the wealth and all that.

[TheBattman]

I did some math soon after hearing this statement today...

So the month of August saw a rise in consumer spending by 2.7 percent. Wonderful. Except no-one seems to remember a certain federal program called “Cash 4 Clunkers” that moved forward some 690K in auto sales.

That translates into something over $13 BILLION in additional spending for the month.

What would the numbers have been, had this program not been in effect? Further, what are they going to look like with the auto sales back in the tank for the next 6-12 months (or more)?

[rcrngroup]

"From a technical perspective, the recession is very likely over at this point," Bernanke said in responding to questions at the Brookings Institution.

Educated nitwit.
Romans 1:22 -- Professing themselves to be wise, they became fools.
II Tim 3:7 -- Ever learning and never able to come to the knowledge of the truth.

Try telling that to actual unemployed who have seen their jobs flee to overseas locations, Bernanke you idiot!!! Liberals & leftists & socialists never get out of their fantasy land of lies & deceptions....just like 0bozo the usurper.

[Favor Center]

“From a technical perspective????????????”

What’s amusing is that from a technical perspective, a recession is defined as such after the fact.

“So much for the compassionate democrats...scoring political points to make BAMMY feel better about himself.”

Why would the Joker care about money? He just wants to burn it all down.

[spinestein]

“From a technical perspective, the recession is very likely over at this point,” Bernanke said in responding to questions at the Brookings Institution. “It’s still going to feel like a very weak economy for some time because many people will still find that their job security and their employment status is not what they wish it was.”

This past march, I was asked by a friend of mine what I thought the purpose of the government stimulus package was and how it was supposed to fix the economy. I told him that it was a technical trick to get the GDP number artificially inflated so the government could declare the recession over by the end of the year in spite of the fact that there would still be a loss of real economic activity, rampant unemployment and continued erosion of private sector buying power.

And here we are. They’ve been shoveling out all the money they can print so that a larger pile of dollars represents a smaller pile of goods and services. They see the GDP number going up as a result (and the stock market goes up to keep pace) and they announce to the peasants that the recession is over and if you still don’t have a job and your retirement money is gone and you’re up to your armpits in debt, then it must be your imagination.

[CottonBall]

Dewey won, too.

[hsmomx3]

They are so out of touch with the real world. Foreclosures all over the place, people unable to find jobs, etc etc.

[unkus]

The recession may be over, but the depression is just getting started!
_______________________________________

You have that right!

Any fool who believes these bastards deserves what he/she gets.

The fools will wake up when it bites them in the ...

[givemELL]

He does not read the Hellenic Shipping News: Global Trading Showing No Sign of Recovery Sunday, 23 August 2009 "I happened to be watching The Kudlow Report last tonight were First Trust’s Chief Economist, Brian Wesbury, stated that the economy is in great shape and global trade is fantastic. He cited the Baltic Dry Index as an indicator of strong trade. However, there must be another Baltic Dry Index as the one everyone else follows shows a horrible past month. In fact, the Baltic Dry Index has dropped another 3.1% Wednesday on top of horrible losses in the last few weeks. Couple that with Japan’s latest trade data which shows the China is now Japan’s largest trade partner. Furthermore Japan stated that exports to the US dropped by 43% to $40.5B which is a stunning drop since most have declared the recession is over. The latest report from Japan also said the following: Outlook for 2009 Looking at the whole of 2009, Japan-China trade will likely record its first decline in 11 years (since 1998), pushed by the downward trend that began in November 2008. This fall, however, will not be as severe as seen in the first half of 2009, with the global economy forecast to rebound in the second half of the year. Exports: 1) Since a rapid recovery in consumption in Japan, the US, Europe and other developed economies is unlikely, China’s exports of finished products is expected to continue its downward trend, leading to a continued decline in Japan’s exports of high-value added parts and materials to China. 2) A temporary increase in exports of pumps and other machinery is expected, due to increased infrastructure spending in line with the Chinese government’s 4-trillion-yuan stimulus package (its effect on total exports, however, is expected to be limited). 3) In the second half of 2009, China’s consumer market is expected to expand, along with a recovery in domestic production. This will have a positive effect on Japan’s exports of parts and materials, although to a limited extent, as the majority of goods for domestic consumption are low value-added items. Imports: 1) Under the current state of the Japanese economy, which is not expected to achieve a quick recovery in 2009, Japanese domestic demand will likely remain stagnant. Therefore, Japanese imports from China, which consist mainly of consumer goods, are expected to fall again this year. 2) Due to weak growth in personal incomes, Japanese consumers will turn more towards inexpensive clothing and food items from China—but this will have limited impact on a value basis. 3) Japanese imports of low-priced parts and materials from China (used in finished goods production in Japan) are likely to decrease again in 2009, as an early recovery in both internal and external demand is thought unlikely. There is nothing in that segment of the report that is positive. In fact it looks a lot like the data we are getting here in the US. As reported yesterday the ports of Los Angeles and Long Beach are way down which is reflected in the data that Japan just put out. Simply put, there is no demand either domestically or internationally with one exception, China. As I have stated before, you cannot have a jobless, earning-less, revenue-less and, now, demand-less recovery. Yes, we will see a good 3Q09 GDP report, but it certainly will not be 4.5% like the market is pricing in and it will more than likely not last until 4Q09. This is a global problem that has yet to be fixed and programs like cash for clunkers or cash for whatever will not work long-term. The problem is now unemployment and, frankly, has been unemployment for a long time now. If people do not have jobs they will not buy things. If people do not buy things that means the supply of products will be in surplus for some time and earnings will be much lower. Unemployment is also the problem behind the housing crisis and housing is still a major threat to the banking system. We can bury things by getting rid of mark-to-market and telling ourselves that ongoing unemployment claims means that people are finding work, they are not, but hoping things are better does not fix the problem. As of right now we need to let it play out in order to prevent prolonging the recession, possibly making it worse, and by hiding the very problems that got us here makes it entirely likely that the same problem will come back worse than before."

[SERKIT]

From a technical standpoint, Bernanke's message is like the rattling flatulent precursor to violent and voluminous diarrhea.

Wait for it.......wait for it.....oops, the economy re-crapped its pants.

[Rodney Dangerfield]

We’re coming out of the recession...and into a depression.

[mylife]

Question is, will it be a “W” shaped recovery? or a “L”?

[Secret Agent Man]

There will be no recovery. They will say there is, but all that will happen is that things will just level off for awhile, not improve, not get worse, and then there will be another big drop. It will be a series of drops, followed by a period of leveling off. Each time it drops, the economy contracts and permanent job losses occur. Real jobs will be gone, a few government jobs will be created, but the real goal is shrinking the us job market and shrinking industry and capacity and basically taking us down as the lone superpower. Incrementally.

[mylife]

Isnt that Just what Joe said they wanted? No more bubbles?

No more wild highs?

[Secret Agent Man]

Yeah, he also said that we'd have to trust them and that they might have to do some things that weren't very popular. Paraphrasing a bit as it's been awhile since I've actually heard Joe say anything. Last time I heard him say something was a clip of him speaking to retired folks, telling them that the government must spend money in order to keep from going bankrupt. Here's his zero dollar bill:

[mylife]

I also worry that the ultimate goal is to destroy our status as “leaders” in the world

[hosepipe]

SLAP... SLAP.. Ben WAKE UP... it was a GOOD DREAM but its over..

[Secret Agent Man]

Well sure. I think the goal is to take us down as the lone superpower so that world government can ascend. Can’t have world government with a superpower around. And you can’t have a superpower if it has industry and strong currency.

So yes your perceived ultimate goal is just a different way to phrase it.

[Vendome]

I saw Tim Geithner on ABC News this morning and he does not agree with you.

[Nateman]

These scumbags are sucking out all the air. You can't borrow money because Obama has already borrowed Trillions. Who knows what RAT holes it's all gone into. Certainly not productive individuals who would make it grow, that's for sure.

[dalereed]

“The recession may be over, but the depression is just getting started!”

GUARNTEED!!!!!

[dalereed]

“~~Harvard Economic Society, May 17, 1930”

Those that can do, those that can’t teach!!

[dalereed]

The next hit will be the commercial real estate foreclosures.

The moratorium on home foreclosures is ending and there will be a new round of home foreclosures a lot of them reaching into the upper end of the market.

[Favor Center]

“GUARNTEED!!!!!”

What scares the crap out of me is that we are not in any way the country that survived the Great Depression.

We do not have a population used to making do and shifting for oneself.

We do not have the industrial base to build out of it.

This will be a LOT worse than the ‘30s. With hyperinflation.

[dalereed]

I grew up in the last one and was well trained how to survive and prosper.

My parents made and saved enough to build their high end home and start the business without borrowing to do it.

[Favor Center]

“I grew up in the last one and was well trained how to survive and prosper.

My parents made and saved enough to build their high end home and start the business without borrowing to do it.”

The problem is that for everyone of you there’s 10 people demanding FEMA trailers and bennies. There’s a reason the phrase “potential for civil unrest” has surfaced a few times on the financial channels.

Ever see the movie Idiocracy?

[dalereed]

“Ever see the movie Idiocracy?”

No, I haven’t been to a movie in over 60 years but i’m armed and dangerous!

[Favor Center]

“No, I haven’t been to a movie in over 60 years but i’m armed and dangerous!”

You missed a lot of dreck and some good ones, then... Patton and Red Dawn come to mind... ;)

It’s a dark comedy based on the idea that dumb people procreate the more than smart people. Fast forward 500 years and everyone’s a TV-glued moron. I think they were optimistic on the timeline. LOL.

[calex59]

You forgot to mention that even with that 2.7% bump it is still 5.3% lower than last year at this time.

[BooBoo1000]

Friend of mine with a perfect credit score, had a chance to buy a really nice commercial building, had $ 100,000 to pay down, banker told him “ Why would the Bank loan the money when the chances are the price is going to drop by 35-30% In the next year/ Come back and see Banker in a year. Bankers said this next year will wring the water out of the commercial market.

[dalereed]

I think his banker is 100% on the mark!!!!

[FreedomPoster]

My guess it that we’re towards the end of the beginning, not the beginning of the end.

There are way, way too many similarities to the serial stupid gov’t actions taken by Hoover and FDR.

[Leisler]

Pretty much, if Benanke says things are going to turn out one way, he is very, very relible. Unfortuantly, relibly wrong. But consistant, he has that going for him, which is nice.

[Favor Center]

“There are way, way too many similarities to the serial stupid gov’t actions taken by Hoover and FDR.”

The Great Depression was the tragedy.

The Greater Depression will be the farcical repeat.

[RipSawyer]

Ben Bernanke is from Dillon, SC. As far as I know the only TRUE financial genius connected with Dillon was Alan Schaeffer who created South of the Border which is a thirty minute drive from me. When Bernanke can go to an open field in the middle of nowhere that any sane person would want to be and start a “resort” based on a silly character named “Pedro” and make countless millions of dollars from it then I might listen to him.

I heard about South of the Border for years before I ever drove through it on the way to a business call. Once I saw it I became very afraid for my country. The man who created it and made it a money mill must have truly understood just how dumb the average American really is. He (Alan Shaeffer) was a true financial genius.

[fortunecookie]

Federal Reserve Chairman Ben Bernanke said Tuesday the worst recession since the 1930s is probably over, although he cautioned that pain — especially for the nearly 15 million unemployed Americans — will persist.

Pain? Persisting pain. Is that what they meant by Change? We can spend our time Hoping things continue to get better.

[April Lexington]

Interesting... The economy is saying Bernanke’s career is about over, too...

[April Lexington]

Heck... the Idiocracy just elected Obama messiah!