Bernanke Uses The “R” Word

April 3, 2008 at 9:45 am  ·  Category: Federal Reserve, Macro Economics, Market Commentary

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

“It Might Be A Recession, Fed Chief Tells Congress: Bernanke, Using A Word Rarely Uttered By Top Officials, Lays Out A Litany Of Economic Problems”, The Washington Post, April 3, A01

Posted by Greg Feirman  ·  Trackback URL  ·  Link
 

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