In his opening statement to the Senate Banking Committee, Federal Reserve Chairman Ben Bernanke expressed hope that there may be some economic recovery in the United States before the end of the year.
Bernanke's predictions are predicated upon President Obama's economic recovery plan working. But he says that if the president is successful, he projects that the "contraction" of the economy will continue through the first half of 2009. But, he says, there will be some recovery in the second half of the year and into 2010.
He says if all goes well, recession "will end in 2009." Full recovery, he says, would take 2-to-3 years.
But Bernanke did offer some cautionary notes.
"Downside risk," he said, "outweighs those on the upside."
Bernanke's testimony is being carried live on News Talk Online on Paltalk.com.
Bernanke touted the actions the Fed has taken so far to help obviate the economic crisis. Including the opening of new lending facilities and enacting measures to reduce what he called, "unnecessary foreclosures."
We talk about these issues and more weekdays at 5 PM New York time on News Talk Online on Paltalk.com