Bernanke says ''People are adopting good habits'' : Does it help reversing the economic depression?
Fred Day
Jul. 27, 2009

Federal Reserve Chairman Bernanke says ‘''People are adopting good habits'' and that is the silver lining of this nasty dark cloud recession. Mr. Bernanke, it is no recession; it is an outright unprecedented depression far worse than that in thirties. There is little hope of any long-term recovery.

"The silver lining in this whole thing is that people are starting to save more, since they saw what happened with 401(k) investments," Bernanke said. "People are adopting good habits, so not only will we will be back on track, but the economy will be stronger than it had been before this started."

The Fed chairman also noted that government regulators are working to ensure that such a crisis can never happen again by addressing the issue of too big to fail and lobbying Congress to pass a regulatory reform bill.

But spraying water on a burnt home, adopting safe fire habits after a catastrophic fire does not bring back the lost wealth. Can Dow Jones Industrial Average ever make a new high? That is the real question in the market place. Can people ever have real jobs again? That is the real question.

Bernanke said the economy is beginning to show signs of improvement, but recovery will be gradual. He said gross domestic product will likely rise by the end of the year into 2010, but job growth will lag. He conceded, "economic forecasts make weather forecasts look like physics," but said unemployment will top out above 10% before falling back in the second half of next year. Bernanke says the economic recovery will be gradual. The gross domestic product will likely rise by the end of the year into 2010, but job growth will lag. He concedes, " Unemployment will top out above 10% before falling back in the second half of next year.

Now guess how many times in the last eighteen months Mr. Bernanke have predicted overestimated rosy scenarios? He is wrong again. The economic depression has just started. The Dow will challenge 10,000 very soon. It will fail to sustain that level and then in the next twelve months will fall below 3,000. The unemployment will rise fart above 15% and the housing collapse will accelerate beyond any imagination.

Bernanke says 'People are adopting good habits' : Does it help reversing the economic depression?
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