A recession is possible….. Our estimates are that we’re slightly growing at the moment, but we think that there’s a chance that for the first half as a whole there might be a slight contraction.
– Fed Chairman Bernanke (subscription required), testifying before Congress Wednesday
Fed Chairman Ben Bernanke yesterday broke the unofficial code among government officials of admitting that things might be anything less than rosy (see Dan Gross’s hilarious “The Unspeakable ‘R’ Word”, Slate, March 1, 2008).
Everybody’s talking about it:
“Bernanke Says the Word: ‘Recession’ May Be Near” (subscription required), The Wall Street Journal, April 3, A1