The man who proclaimed the subprime problem was “contained” in March 2007 (after which Jim Grant hilariously quipped “yeah, to planet earth”) – is back in the news again with another “guru moment”.
The U.S. economy should continue to recover at a moderate pace this year, but it will take time to restore all the jobs lost during the recession, Federal Reserve Chairman Ben Bernanke said Wednesday.
In his latest assessment of the economy, Mr. Bernanke told a congressional committee the pace of the recovery this year will depend on if consumers spend and companies invest enough to make up for fading government support.
“On balance, the incoming data suggest that growth in private final demand will be sufficient to promote a moderate economic recovery in coming quarters,” the Fed chief said to the Joint Economic Committee.
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