I don't think even he believes his own testimony today. I was waiting to see his nose grow during the hearing. Central Bankers are liers by nature. We know this because former Federal Reserve Vice Chairman, Alan Blinder, “slipped” back in the 1990’s when, on national television, he uttered the words,"The last duty of a central banker is to tell the public the truth." -Lou
Fed chief Bernanke sees economic rebound on tap
WASHINGTON (MarketWatch) -- Signs of life from the battered consumer and housing sectors raise hope that the severe recession may be bottoming out and that growth could turn positive later this year, Federal Reserve Board Chairman Ben Bernanke said Tuesday.
Businesses will likely need to restock shelves after letting their inventories fall sharply, Bernanke said in testimony on Capitol Hill.
For their part, consumers appear to have adjusted to the downturn and have begun shopping again, and the spring selling season for homes seems to be attracting buyers for the first time in three years, he said.
"We are hopeful that the very sharp decline we saw beginning last fall through early this year will moderate considerably in the near term and we will see positive growth by the end of the year," Bernanke told the Joint Economic Committee.
"The recent data ... suggest that the pace of contraction may be slowing, and they include some tentative signs that final demand, especially demand by households, may be stabilizing," he said. Read Bernanke's prepared remarks.
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