Fed Chairman Ben Bernanke became the last human in America to acknowledge the possibility of a recession this morning, when he reduced the Fed’s economic outlook yet again and finally admitted that US GDP “might even contract” in the first half of this year. He didn’t say the word “recession,” of course, but he did say the risks to this forecast are still on the downside. Oh, and inflation is still a problem.
Of course, Ben does expect economic growth to resume in the second half of the year. Given the accuracy and forthrightness of Ben’s public predictions thus far, however, we’re not sure why anyone would put much faith in this one.
And now Ben will be grilled over his decision to bail out Wall Street fat cats while letting average Americans get foreclosed upon…
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