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Fed Chairman Sees Possibility Of 'Jobless' Recovery
CNBC staff and wire reports
| 13 Jul 2009 | 05:28 PM ET
Federal Reserve Chairman Ben Bernanke sees the possibility of continued high unemployment even after the recession eases, a key Republican lawmaker who met with the Fed chief told CNBC.
"It was a rather sobering meeting," Sen. Richard Shelby, an Alabama Republican, said in a live interview. "I said...'Could this be a jobless recovery?'...and he said it could be," Shelby said.
Bernanke has predicted the recession will end this year, with many economists forecasting that the economy will start to grow again as soon as the current July-September quarter.
But Bernanke's comment that unemployment could remain high for some time appeared to be more pessimistic than any of his recent public statements.
"I didn't come out of the meeting feeling a lot of euphoria," Shelby said.
http://www.cnbc.com/id/31895367
I'm putting my dough on a Recoveryless Recovery....
CNBC staff and wire reports
| 13 Jul 2009 | 05:28 PM ET
Federal Reserve Chairman Ben Bernanke sees the possibility of continued high unemployment even after the recession eases, a key Republican lawmaker who met with the Fed chief told CNBC.
"It was a rather sobering meeting," Sen. Richard Shelby, an Alabama Republican, said in a live interview. "I said...'Could this be a jobless recovery?'...and he said it could be," Shelby said.
Bernanke has predicted the recession will end this year, with many economists forecasting that the economy will start to grow again as soon as the current July-September quarter.
But Bernanke's comment that unemployment could remain high for some time appeared to be more pessimistic than any of his recent public statements.
"I didn't come out of the meeting feeling a lot of euphoria," Shelby said.
http://www.cnbc.com/id/31895367
I'm putting my dough on a Recoveryless Recovery....
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