Right off the bat he set investors' little hearts all aflutter with promises of continued cheap money. Too bad you won't get any...
Bernanke gave predictions about the state of employment - the rate of unemployment goes down to roughly 7% in two to three years. He also said it may take till 2018 to reach full employment again. So, see you next decade.
In spite of this, he expects the US economy to grow at a rate of roughly 4%. Go figure.
Here is the message with unemployment and with economic growth, and this is simply my opinion, but he is saying the rich are going to get richer in these harder times, and the poor and middle class bumpkins O.O.W. or in foreclosure or on economic life support are crap out of luck. He is reiterating the theme that we have come to accept which is that the middle class is dissolving. But there is a carrot being dangled, all you have to do is wait till 2018. Think of it like this, just put on 'Lawrence of Arabia' for a few million times.
McClatchy: Fed chief sees positive signs, but long road to recovery
...anticipating high unemployment for years to come.
...anticipate a U.S. growth rate this year of 3 percent to 3.5 percent, and next year between 3.5 percent and 4.5 percent.
...participants expect the unemployment rate to decline only slowly, to a range of roughly 6.5 percent to 7.5 percent by the end of 2012...
2 comments:
Economic growth as defined as what? If it's being defined as more Wall st. innovation ( AKA scams) then how can any of these numbers be taken seriously?
Its all about corporate growth. I'm glad he's making it perfectly clear that is what the GDP is about. Nothing to do with personal income except if your in the upper 1% then it is.
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