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Federal Reserve Chairman Ben Bernanke Sees Period of Slow Growth

Wed Apr 13, 2016 12:37 am
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Federal Reserve Chairman Ben Bernanke said on Thursday that a host of economic problems, including the severe housing slump, will cause Business Growth to slow noticeably in coming months.

Bernanke told Congress' Joint Economic Committee that the Central Bank is watching developments closely, but gave no signal that it is prepared at the current time to cut interest rates even further.

Bernanke said he and his colleagues believe Economic activity will "slow noticeably in the fourth quarter", compared to the 3.9% growth in the third quarter.

"Growth was seen as remaining sluggish during the first part of next year, then strengthening as the effects of tighter credit and the housing correction begin to wane", Bernanke said in his prepared remarks to the Committee.

Bernanke acknowledged the recent market turmoil, but he generally took a more upbeat view of things, saying the Federal Reserve believes the economy should rebound from the current problems by the second half of next year. He also repeated worries that the Federal Reserve expressed last week: recent increases in oil and other commodities could raise the threat of inflation.

Charles Schumer, Senator from New York, said, "I think we are at a moment of economic crisis", "I am not surprised to hear experts such as your predecessor, Alan Greenspan, warn about the threat of a recession. I have begun to worry about it too."

Opinion: It appears that Alan Greenspan remains a credible voice from afar. Greenspan's words supplant those of Ben Bernanke. If Ben Bernanke is to be taken seriously as Federal Reserve Chairman he will need to take more seriously the current economic crisis. It should be noted that an economic downtown, recession, is a reality now. The question that should be answered is when it, the current recession, will end. We have been in a recession for the last three months. The recession will get "deeper" before it ends.

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Wed Apr 13, 2016 12:37 am
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