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Bernanke admits recession

Posted by patriot on April 2nd, 2008

In not so many words, of course:

Federal Reserve Chairman Ben Bernanke said Wednesday that the U.S. economy could shrink in the first half of the year - the closest that the nation’s central bank chief has yet come to proclaiming a recession.

In prepared remarks to the Joint Economic Committee of Congress, Bernanke said he also expects further rises in unemployment and says the economic outlook has worsened since the Fed’s economic outlook was released in January.

“It now appears likely that real gross domestic product will not grow much, if at all, over the first half of 2008 and could even contract slightly,” Bernanke said.

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