Ben Bernanke

“Worst Is Over,” Fed Chief Declares

Federal Reserve Chair Ben Bernanke declared the worst of the recession over, but warned that some of the economic pain will persist.

He said the unemployment rate, now at 9.7 percent, a 26-year high, is likely to keep rising.

“Unfortunately, unemployment will be slow to come down. It will come down but it may take some time,” Bernanke said. “Obviously, that’s a very serious concern.”

The Fed chief said the economy is weighed down by tight credit, households saving more and spending less, and a still-unstable housing market.

He urged Congress to revamp the financial system to avoid a similar crisis in the future.

Source: The Associated Press, Jeannine Aversa (09/15/2009)

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