The chairman of the Federal Reserve stated he sees growth for the economy in 2009.
Wired PR News – Federal Reserve Chairman Ben Bernanke predicted on Tuesday that an end to the recession is in sight in 2009. As reported by the Associated Press (AP), Bernanke stated the economy would begin to grow this year, and the country has likely seen the worst of the recession.
Bernanke is quoted by the AP as stating to the Joint Economic Committee of Congress, “We continue to expect economic activity to bottom out, then to turn up later this year.” However, he also stated that more job losses could ensue, and that further steps to stabilize the banking system must be made.
Brian Bethune with IHS Global Insight is quoted as stating of Bernanke’s remarks, “Bernanke is sending the message that things are looking better… At the same time that he’s saying, `We’re coming out of this,’ he also is cautioning, `Let’s not make the mistake of being too optimistic that we lose momentum on efforts to stabilize the financial system.”
Photo Credit: Pete Souza, official White House photographer