Bernanke: Recovery on Track But Not Enough to Create Jobs

[katty]

more: http://www.cnbc.com/id/40962516 (the Dr.Phil of finance speaks...)

The U.S. economy may be finally hitting its stride, even if growth remains too weak to put a real dent in the nation's jobless rate, Federal Reserve Chairman Ben Bernanke said Friday.


Offering no real clues on the future direction of monetary policy, Bernanke sounded cautiously more upbeat than he had in his most recent public remarks, citing improvements in consumer spending and a drop in claims for jobless benefits as hopeful signs that a languid recovery was perking up.

"We have seen increased evidence that a self-sustaining recovery in consumer and business spending may be taking hold," the central bank chief said in his first testimony to Congress since the Fed launched a controversial plan to buy an additional $600 billion in government bonds.

His remarks were made public just an hour after the Labor Department reported the economy generated a disappointing 103,000 additional jobs in December.

[gateley]

1. So how does this mesh with Geithner's letter to Congress? Aren't they saying

different things?

[katty]

2. the spinning of financial confections goes on round the clock, but

they all seem to be happy and in agreement with the continued criminal activity on Wall St.

[dixiegrrrrl]

3. If there are no jobs, who is "increasing" consumer spending?

and was not there a news report just the other day that said businesses were "sitting on " a pile of money?

[katty]

4. yes, businesses, banks and...but Wall St bonuses are being

spent wildly in order to bolster the economy.

[dixiegrrrrl]

5. Oh. good. What a relief.

I feel SO much better now.
( I used to think that pee was the only operable trickle down mechanism)

[katty]

6. I believe you are correct, pee is the gold standard of trickle down

[dixiegrrrrl]

7. heh

:evilgrin: