Come Back, Alan Greenspan!

Bernanke Testimony Turns Stocks Lower

NEW YORK (AP) — Wall Street pulled back Wednesday after Federal Reserve Chairman Ben Bernanke told Congress the economy may weaken in the first half of the year, a trend that would mean the U.S. is in a recession.

Bernanke’s prepared testimony to Congress’ Joint Economic Committee was viewed as the closest he has come to suggesting the possibility of a recession caused by tightening credit markets, a slumping housing industry, and recent problems in the financial sector.

The Fed chairman also offered no assurances of further interest rate cuts this year, and that likely disappointed some investors, leading them to start collecting profits from Tuesday’s huge gain.

Will someone please spend the money necessary to buy this guy a clue?

Explore posts in the same categories: C.O.A.T. - Money, C.O.A.T. - Other, C.O.A.T. - Politics, Depression 2.0, Politics

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