Federal Reserve Chairman Ben Bernanke confident about economy rebounding but real estate market says something else
Peter Oberois
Jun. 5, 2007

Federal Reserve Chairman Ben Bernanke Predicts Economy Will Rebound From Poor 2007 Performance. He is depending one critical data - the housing market rebound. But Realtors all across the country are reporting larger slumps in older home market. The new home builders are literally giving away homes at or below cost to survive the downturn.

Federal Reserve Chairman Ben Bernanke predicted on Tuesday that the economy would rebound from an anemic performance at the start of the year even if the housing slump continues. Economic growth in the first three months of this year nearly stalled, logging just a 0.6 percent pace. It was the worst quarterly showing in more than four years.

The problem is that he says housing slump is no factor but he depends on the same not to worsen. It is almost a case of self denial.

Small business confidence is also a big issue. The worsening trade deficit in spite of dollr's never ending fall just says the prospect of a recovery is much less than normal.

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