Ben Bernanke said: "...I do think that we will get it stabilized, and we'll see the recession coming to an end probably this year."
For someone in his position, he would not say that unless he is 99% sure.
Furthermore, for the recession to end, the financial institutions have to stabilize. So by deduction, we can say that Bernanke is quite sure that banks HAVE stabilized.
And since the stock market is usually 6 months ahead of the economy, this means that we have hit bottom...it is all uphill from here!!! BAC will get to AT LEAST $10 within the next 2 weeks.
5 stars if you agree with me!!
a little more than a year ago he was aggressively saying "the fundamentals are sound" and that it was difficult to say if we would have a recession in 2009. If you listened to him then you would have been screwed. If you listen to him now... The independent Fed is independent no more - he will say whatever Obama and Geitner need him to say.
The Short sellers destroyed the US market, especially banks and they are moving from one bank to other…Now things are changing. I believe the bank stocks will go higher, remember market looks forward 6 to 9 months...BAC at this price is one in a life time Opportunity....You will double your money in a month..100% sure…
Another clueless investor (gambler) I see. The reason the banks got hammered was lack of bids (buyers) and plenty of sellers! The fundamentals on the financials are weak. There is no market for their mortgage loans since Fannie Mae and Freddie Mac blew up.
One of the smartest people on earth!
Chairman of US Federal Reserve Bank! they make your money!!!
He sees the end of recession is near!
Who will you believe between short morons on this board vs. Bernanke?
read the whole story fools.
America's recession "probably" will end this year IF THE GOVERNMENT SUCCEEDS in bolstering the banking system, Federal Reserve Chairman Ben Bernanke said Sunday in a rare television interview.
When did the government ever succeed. i wish it does but i do not see it happening.
dude, think about it. The problem started with people who bought homes with subprime mortgages. Those peaked in 2005 and 2006. The financial crisis happened when those people had to foreclose because they couldn't make the payments once the interest kicked in. The interest kicked usually 3 years after they bought their homes. So people who bought in 2005, they foreclosed in 2008; For people who bought in 2006, they foreclosed this year. The worst is over, all the bad debts are payed off.
Bernanke’s pump speech leaves no room for the obummer administration to ask for more money if things go south. If things start going south,Americans will finally realize our politicians are clueless on how to fix this mess. I for one don’t believe Bernanke. All this administration is doing now is following Clinton’s recommendation of (speak positive and things will get better) it won't work IMO
LOL! Bernanke was the last to even say we were in a recession! How about the comment he made last year about this mess being contained to sub prime? I believe the recession will be over by end of year too, because by then we will be in a depression!
I hope you will survive to witness depression. When a lot of people say depression, it won't happen. Things will happen when nobody knows, like the subprime and credit crunch. The same for C, almost everyone last week said C is gone and nobody would say C will bounce back to $2. Guess what happened?
Bernanke probably already looked at the stress test results of big banks and they all passed. That is why he is confident to say depression risk has passed and recession will end this year.