Ben Bernanke: ‘Joblessness, foreclosures pose hurdles to economic recovery’ in other Earth shattering news, water is wet!

But he still denies that overly loose Fed policy has anything to do with the housing bubble V1…

…meanwhile Greenspan told the ‘Crisis Cmte’, lol, that it was Congress’ that pushed the Fed to allow all those loose lending standards and predatory products, and no regulator could have caught it, yeah whatevs Alan, you abandoned your Randian views and tanked the economy with not one but 2 bubbles, the dot com bust thanks to your loose rates and later the housing bubble…

James Grant, editor of Grant’s Interest Rate Observer,  absolutely annihilated Greenspan on Bloomberg today during the hearing coverage-go to bloomberg for entire interview it is must see TV…

The lights actually went out in the Crisis Panel hearing with Greenspan, they continued in the dark for a bit, a metaphor from God surely, heh…

Bloomberg:

…Federal Reserve Chairman Ben S. Bernanke said joblessness, home foreclosures and weak lending to small businesses pose challenges to the economy as it recovers from the worst recession since the 1930s.

“We are far from being out of the woods,” Bernanke said today in a speech in Dallas. While the financial crisis has abated and economic growth will probably reduce unemployment (MiM here, italics mine) over the next year, the U.S. faces hurdles including the lack of a sustained rebound in housing, a “troubled” commercial real estate market and “very weak” hiring, he said.

The remarks reflect concerns by Fed officials at their meeting last month that the job market and tight credit would restrain consumer spending. At the session, Bernanke and his colleagues reiterated interest rates will stay very low for an “extended period.” He didn’t repeat that in today’s speech, while saying the Fed’s “stimulative” rates will aid growth.

“The economy has stabilized and is growing again, although we can hardly be satisfied when one out of every 10 U.S. workers is unemployed and family finances remain under great stress,” Bernanke said in prepared remarks to the Dallas Regional Chamber…

April 7, 2010. Tags: , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Labor Department, Obama Administration, Politics, TARP, Taxes, Uncategorized, Unemployment Statistics, Wall St.

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