The federal reserve chairman, Ben Bernanke, yesterday remarked in Congress that the recession may end in 2009. On that part he is correct, since the depression will start as soon as the recession ends. Meanwhile, the stock market rallied on Bernanke’s testimony. It’s like the traders on the floor hang on this dimwit’s every word, or every breath he takes.
Excellent video to help understand the economic crisis.
The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.
How much more can people take?
47 percent worry at least somewhat about losing a job, up from 28 percent in February 2008.
71 percent say they know someone who has lost a job in the past six months because of the economy.
65 percent are at least somewhat worried about paying their bills.
53 percent aren’t confident they’ll have enough money to live comfortably in retirement.
69 percent worry that the value of their stocks and retirement investments will drop.
Two days shy of a full month as president, Obama’s approval rating stood at 67 percent, down from 74 percent during his inauguration.
AP article here.
FRONTLINE investigates the causes of the worst economic crisis in 70 years and how the government responded. The film chronicles the inside stories of the Bear Stearns deal, Lehman Brothers’ collapse, the propping up of insurance giant AIG, and the $700 billion bailout. Inside the Meltdown examines what Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke didn’t see, couldn’t stop and haven’t been able to fix.
This episode of Frontline will air on the 17th on PBS and can be watched online as well. Here is a preview:
I couldn’t have put it better myself:
