Bernanke: Economy “Far From Being Out of the Woods”
ByPosted To: MND NewsWire
The Chairman of the Federal Reserve, Ben Bernanke, today gave a speech titled Economic Challenges: Past, Present, and Future The first half of Bernanke's prepared speech revisited the events that led us into the great recession. Ben then reviewed and justified the innovative actions that had to be taken by the Federal Reserve to save the banking system.Overall, nothing new was offered in this portion of the statement, but later on he did provide some insight about the road ahead. Here are a few excerpts and my comments… On Housing: "We have yet to see evidence of a sustained recovery in the housing market. Mortgage delinquencies for both subprime and prime loans continue to rise as do foreclosures. The commercial real estate sector remains troubled, which is a concern for communities…(read more)