Ben "Buzzkill" Bernake on "falling house prices, softer job market, tighter credit..."

[Amerigo Vespucci]

Bernanke: Gloomy on growth

Fed chairman says housing continues to hold down economy but hints that central bank is done cutting rates, saying 'policy seems well positioned.'



NEW YORK (CNNMoney.com) -- Federal Reserve Chairman Ben Bernanke painted a gloomy picture of the economy on Tuesday but hinted that the central bank was prepared to hold steady on interest rate cuts.

"For now, policy seems well positioned to promote moderate growth and price stability over time," he said.

The Fed has already cut the key federal funds rate 7 times since September, to the current rate of 2%, down from 5.25% before the easing began.

Overall, however, he detailed myriad problems still facing the economy.

"Households continue to face significant headwinds, including falling house prices, a softer job market, tighter credit, and higher energy prices, and consumer sentiment has declined sharply since the fall," said Bernanke, addressing the International Monetary Conference in Barcelona via satellite.

http://money.cnn.com/2008/06/03/news/economy/bernanke/index.htm?cnn=yes

[Hydra]

1. Congratulations Ben

You helped destroy the lives of millions of people. Take a bow and enjoy your ill gains.

[Mountainman]

2. The words these financial people use are so "non committal".

They lack any emotion. Nothing as to what the cause is just what the effect is.

[Hydra]

3. Well, one of these days, I expect them to pull a Cheney

"We decided that there were too many people that were comfortably surviving, so we decided to fix that. The process is about half completed, so those of you who aren't feeling the effects yet should soon. Have a nice day."

[enid602]

4. thankfully

Thankfully, I just sold the house last week, gave notice at work this week, and will give away the car next Friday. I just bought a ticket to Buenos Aires this AM.

[Hydra]

5. Really?

Congrats, and run as fast as you can!

[enid602]

6. Argentina

It's something I've been planning for years; Argentina is a wonderful country.