From the wires today:
Federal Reserve Chairman Ben Bernanke said Monday he is hopeful the economy will gain traction and not fall back into a “double dip” recession. “My best guess is we will have a continued recovery, but it won’t feel terrific,” Bernanke said. That’s because economic growth won’t be robust enough to quickly drive down the unemployment rate, now at 9.7 percent, he said in remarks to the Woodrow Wilson International Center for Scholars, a nonpartisan research group.
What kind of ‘jobs’ do these people hope to magically appear? Mall workers? Best Buy sales clerks? Let’s be honest they know there are none. If there was a need for legitimate hiring, and there were profits to made, the private sector would hire. They are not. Draw the conclusion.
One more thing? Ben’s ‘best guess’ comment irks me. Consider his fine ‘guess’ from May 17, 2006:
“We believe the effect of the troubles in the subprime sector on the broader housing market will be limited and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system,” Bernanke said.
And this guy is listened to still today.