Bernanke on the Economy... Blah Blah Blah
Deja vu? Doesn't this guy have any new material? It's starting to get pretty boring at this point.
JACKSON HOLE, Wyoming (Reuters) - The global economy appears on the mend after a deep downturn, but the recovery is likely to be sluggish and risks remain, Federal Reserve Chairman Ben Bernanke said on Friday.
"After contracting sharply over the past year, economic activity appears to be leveling out, both in the United States and abroad, and the prospects for a return to growth in the near term appear good," Bernanke said in remarks prepared for delivery to an annual Fed conference here.
"Although we have avoided the worst, difficult challenges still lie ahead," he said, cautioning that the "recovery is likely to be relatively slow at first, with unemployment declining only gradually from high levels."
Bernanke said "critical challenges remain" from global financial markets still strained from a severe crisis that broke two years ago. The difficulties households and businesses face in getting loans is another source of stress, he said.
The crisis highlights the need to "urgently" address structural weaknesses in the financial system, particularly in the way governments set rules and supervise it, he said.
Blah blah blah blah... if this is Bernanke campaigning for a second term as Fed chair, I highly suggest he try harder. This is the best he can do? Seriously?
Reflections on a Year of Crisis may be found here via the Board of Governors. Yawn.