Do you agree with Federal Reserve Chairman Ben Bernanke that the
worst recession since the 1930s is
”
very likely
”
over?
THIS WEEK’S QUESTION:
“Do you agree with Federal Reserve Chairman Ben Bernanke that the worst recession since the 1930s is “very likely” over?” Yes: 5 No: 7
? Karen Anderson: “No. Not until the unemployment figures improve and the foreclosures are cleared. But, belief IS a factor in economics. I DO believe in Ben. I DO believe in Ben.”
? Bert Berson: “No. Technically perhaps, morally not at all. Where are the jobs?”
? Chris Bryant: “No, while I think consumer confidence may well be stabilizing, there is undoubtedly more bad news coming and I expect the economy to remain depressed for at least another 6 months before we can call it ‘over.'”
? David Cohen: ‘Yes. Recession economic indicators lag by three to six months and the indicators are encouraging, though I expect it will be a slower recovery than many of us would like.”
? Dennis Kennedy: “No! The worst may be over, but the recession is not over until we start to see unemployed people getting jobs.”
? Julian Mancias: “Yes. We are still suffering through a recession hangover (unemployment, banking crises) but we now seem to be on the recovery curve.”
? Linda McNulty: “It’s encouraging to hear the recession is not getting any worse, but I disagree with Bernanke’s statement that it’s ‘very likely’ over when unemployment is at 9.7 percent and predicted to rise to 11.9 percent in the South Bay next year.”
? Henry Miller: “Yes. Either he’s blowing smoke (unlikely) or he has confidence in the Fed’s analysis. Productivity is up. Housing starts are up. Inflation is in check. Sounds like a winner to me.”
? Lisa Pampuch: “No. We haven’t yet been hit by high numbers of credit card defaults and commercial real estate foreclosures, which many economists are predicting. In addition, a jobless recovery, another common prediction, will be anemic at best due the dampening effect it will have on wages, and thus, consumer spending.”
? John Quick: “I think the worst is over. While the numbers may say that technically it is over; growth is likely to continue to be slow and steady. This recovery is likely to be like the ’50s: slow, steady growth without the flash.”
? Emily Shem-Tov: “Perhaps technically as they measure it, but even he made it clear that things are going to feel pretty bad for quite a while to come.”
? Steve Staloch: “No. Although a recession is defined as a period of two quarters of negative GDP growth, his proclamation begs the question, compared to what? If compared to last year, that may prove correct, but if based on increased personal income and business growth, Main Street does not validate his bureaucratic spin.”
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