Is the recession over? Fed Chairman Ben Bernanke told Congress at the end of July that the economy is showing “tentative signs of stabilization.” Why would we listen to Ben Bernanke when he has been so wrong in his predictions over the past few years heading the Fed? I would suggest we can't.
Watch out for the mortgage defaults from the alt-a and option arm mortgages later this year and throughout 2010. These defaults, I would think, will lower housing prices, which will increase mortgage defaults and decrease consumer confidence.
I hope I'm wrong and that we are coming out of this recession, but I won't be looking to Ben Bernanke for answers.
Watch out for the mortgage defaults from the alt-a and option arm mortgages later this year and throughout 2010. These defaults, I would think, will lower housing prices, which will increase mortgage defaults and decrease consumer confidence.
I hope I'm wrong and that we are coming out of this recession, but I won't be looking to Ben Bernanke for answers.
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