What is interesting is that Bernanke again argues that the recession should end in 2009 with a recovery starting next year. The caveat is IF actions taken by the government lead to financial market stabilization. He calls this supposition key to the recovery.
Again, what we won’t be listening for the Fed’s predictions. How accurate have they been? This is particularly the case since the Obama speech last night is being judged by Wall Street as a likely attack on the financial system and corporate America. We care mostly about the “nationalization” talk.
Stay tuned for Bernanke’s Q&A because that is more perhaps more important than a redux speech. So far, the markets aren’t exactly expecting a saving grace.
DJIA 7,211.23 (-139.71; -1.90%)
S&P500 757.42 (-15.72; -2.03%)
NASDAQ 1,412.67 (-29.16; -2.02%)
Jon C. Ogg
February 25, 2009
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