Federal Reserve Chairman Ben Bernanke says the worst recession since the 1930s is probably over. Bernanke says the economy likely is growing now, but it won’t be sufficient to prevent the unemployment rate, now at a 26-year high of 9.7%, from rising.
“The recession is very likely over at this point,” Bernanke says, responding to questions at the Brookings Institution today. The Fed boss says he is confident that Congress will enact a revamp of the nation’s financial rulebook to prevent a future crisis from happening.
“I feel quite confident that a comprehensive reform will be forthcoming,” Bernanke says. It has been “too big a calamity” over the past year, with the near meltdown of the U.S. financial system, for Congress not to take action, he says.
