Fed Chair Ben Bernanke encouraged everyone to ignore him this morning by saying that the economic outlook had “worsened” since he concluded that it was so bad that he had to slash interest rates 125 basis points in eight days–but that his forecast still calls for “sluggish growth.”
Far be it for Chairman Ben to suggest that it’s possible that we’re headed for a, gasp, recession–just like the ones we’ve had decade after decade since economic time immemorial. In nine months, when the recession’s over, Ben may finally acknowledge it, but he’ll no doubt rosily refer to it as a brief period of “negative growth.”
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