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In the light of my previous thread posting here:
http://www.itulip.com/forums/showthr...group-now-50-1 regarding the US unemployment levels of the 16 - 19 age group has reached 50.1%; then this statement by Ben Bernanke is very interesting indeed as it alludes to the fear of unemployment reaching 13% when, if Daniel Amermam is correct http://danielamerman.com/articles/2012/WorkC.html unemployment is in actual fact already at 19.9%.
Chairman Ben S. Bernanke
The European Economic and Financial Situation
Before the Committee on Government Oversight and Reform, U.S. House of Representatives, Washington, D.C.
March 21, 2012 http://www.federalreserve.gov/newsev...e20120321a.htm
http://www.itulip.com/forums/showthr...group-now-50-1 regarding the US unemployment levels of the 16 - 19 age group has reached 50.1%; then this statement by Ben Bernanke is very interesting indeed as it alludes to the fear of unemployment reaching 13% when, if Daniel Amermam is correct http://danielamerman.com/articles/2012/WorkC.html unemployment is in actual fact already at 19.9%.
Chairman Ben S. Bernanke
The European Economic and Financial Situation
Before the Committee on Government Oversight and Reform, U.S. House of Representatives, Washington, D.C.
March 21, 2012 http://www.federalreserve.gov/newsev...e20120321a.htm
"To address these broader risks, we have been working closely with large U.S. financial institutions. Most recently, on March 13, we released results from our Comprehensive Capital Analysis and Review (CCAR)--a supervisory assessment by the Federal Reserve of the capital planning processes and capital adequacy of large, complex bank holding companies.3 As part of this exercise, bank capital positions were evaluated under a hypothetical stress scenario that involved a deep recession in the United States (with unemployment reaching 13 percent) and a notable decline in activity abroad, combined with sharp decreases in both domestic and global asset prices. This exercise was designed to capture both the direct and indirect exposures and vulnerabilities of U.S. financial institutions to the economic and financial stresses that might arise from a severe crisis in Europe. The results show that a significant majority of the largest U.S. banks would continue to meet supervisory expectations for capital adequacy despite large projected losses in an extremely adverse hypothetical scenario."
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