Bernanke Says Recession Over; Should You Care?

Ben Bernanke has declared the recession over.

This leads to one simple question: Why should you care what his recession forecasts are?

Based on his track record as a forecaster and his acumen in identifying economic problems before they exploded, his views on starts and finishes of recessions are, to be blunt, irrelevant.

Recall it was Mr. Bernanke who described the sub-prime situation as “Contained;” it was he who believed Housing would not spill over to the broader economy; and it was he who somehow thought the Bear Stearns situation was a one-off.

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