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Bernanke: U.S. economy emerging from recession

Published: 21/08/2009 05:00

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U.S. Federal Reserve Chairman Ben Bernanke said Friday that the American economy is nearing recovery after enduring a brutal recession and severe financial crisis.

Federal Reserve Chairman Ben Bernanke testifies before a House Financial services committee hearing on Regulatory Perspectives on the Obama Administration’s Financial Regulatory Reform Proposals on Capitol Hill in Washington July 24, 2009.(Xinhua/Reuters Photo)

“The world has been through the most severe financial crisis since the Great Depression. The crisis in turn sparked a deep global recession, from which we are only now beginning to emerge,” Bernanke said in a speech at a Fed conference in Jackson Hole, Wyoming.

Economic activity in both the U.S. and around the world, Bernanke said, appears to be “leveling out” and “the prospects for a return to growth in the near term appear good.”

He did warn, however, that lending is not back to normal.

Bernanke said the policies taken by the U.S. government and the world have been effective.

“Unlike in the 1930s, when policy was largely passive and political divisions made international economic and financial cooperation difficult, during the past year monetary, fiscal, and financial policies around the world have been aggressive and complementary,” he said.

Without the actions, Bernanke said, last October’s panic would likely have continued to intensify and more major financial firms would have failed. He said the entire global financial system would have been at serious risk.

“We cannot know for sure what the economic effects of these events would have been, but what we know about the effects of financial crises suggests that the resulting global downturn could have been extraordinarily deep and protracted,” he said.

Benanke said although the U.S. economy has avoided the worst, difficult challenges still remain.

“We must work together to build on the gains already made to secure a sustained economic recovery, as well as to build a new financial regulatory framework that will reflect the lessons of this crisis and prevent a recurrence of the events of the past two years,” Bernanke said.

Bernanke’s remarks come nearly one year after the financial crisis had deepened to the point of sending the nation into a near meltdown.

VietNamNet/Xinhuanet


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