I don’t know about you but as I watch a vintage Oprah show from last September on the financial crisis with finance guru Suze Orman, I am worried. Not because I have massive credit card or school loan debt, or “own” a house that I can’t afford. Nope. I’m worried because due to everyone else’s credit card or school loan debt and mortgages they can’t pay, I’ve been laid off because all of that’s made the economy falter.
Now, I’m not mad- loved my job, just not who I worked for and now I can spend more time with you guys! – but I am worried. Fortunately, this piece was a bit of good news. I’ve long thought the recession/depression (let’s be honest) would bottom out either this year or next but the US Federal Reserve Cheif Ben Bernake says if Obama and company get it right, we might be on the rebound by 2010. If we all believe him, the economy could bound back by 2009, but if we don’t, ironically, we could be looking like Cinderella Man in 2011. Here’s hoping:
“But he said if the Obama administration and the central bank can restore some measure of financial stability, 2010 could be a year of recovery.
Mr Bernanke said that the potential economic turnaround would hinge on the success of such measures in getting credit and financial markets to operate more normally again.
“Only if that is the case, in my view there is a reasonable prospect that the current recession will end in 2009 and that 2010 will be a year of recovery,” says Bernake.”
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