Bernanke: Recession Possible

April 3rd, 2008 By: Michael van der Galien | Tags:
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This is a major development: normally, the chairman of the Federal Reserve always keeps up appearances. When it’s going downhill with the economy, he’ll try to encourage people and businesses to invest. Seldom will he imply that the economy will continue to go downhill for a while, let alone that a recession may be on its way. But that’s exactly what Ben Bernanke said on Wednesday.

 The U.S. economy could contract in the first half of this year but should then pick up as aggressive interest rate cuts stimulate growth and financial and housing market woes recede, Federal Reserve Chairman Ben Bernanke said on Wednesday.

“It now appears likely that real gross domestic product will not grow much, if at all, over the first half of 2008 and could even contract slightly,” he said in remarks prepared for delivery to the congressional Joint Economic Committee.

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