The recession is "very likely over," Federal Reserve Chairman Ben Bernanke told us today, exactly one year after Lehman filed for bankruptcy.
The recession may be over, but we're still left with an economy that sheds jobs by the hundreds of thousands each month, a bank closure rate that has increased significantly since July, and TBTF financial institutions that are now even bigger one year after the collapse of the financial sector.
The end of the recession is not the end of pain. Though the economy is "growing," so, too, is the unemployment rate.
In response to Bernanke's cheery update, stocks rose today to its highest finish since October 6th, 2008.
And gold likes what Ben has to say...
Additional links below....
Newseek called it weeks before Bernanke did - in its its 8/3/09 issue
WSJ declared recession's end on 8/11/09