Bernanke declares ‘recession is very likely over’

Recession is Over CartoonAlmost two weeks ago on September 16, Federal Reserve Chairman Ben Bernanke stated that “From a techincal perspective, the recession is likely over at this point.”

Bernanke had added that there is a risk that labor markets will remain weak through 2010 because growth will be too anemic to create jobs. Many economists now expect the labor market to recover slowly, he noted.

“Implying the recession is over is like saying, ‘Yes, there’s been a nuclear detonation, but it’s over now, so relax – and never mind that we’re living in a post-apocalyptic world of unemployment, foreclosures and bankruptcies,'” said Ann Marie Spinosa of Astoria, Queens , who’s on a panel of New Yorkers who blog about coping with hard times on the Web site, NYDailyNews.com.

“For me, the recession would be over when working people are no longer sweating how they’re going to manage to pay their bills,” said Tony Virardi of Bath Beach, Brooklyn, who’s also unemployed and job hunting. To Americans like Virardi and Spinosa, the recession is far from over and an assessment from the Fed Chairman Bernanke does little to reassure a nervous and anxious public.

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