Bernanke, Obama Agree: No Double-Dip
Fed chief, president expect recovery will strengthen
By Matt Cantor, Newser User
Posted Jun 7, 2011 4:22 PM CDT
Obama and German Chancellor Angela Merkel hold a joint press conference in the East Room of the White House in Washington, DC, June 7, 2011.   (Getty Images)

(Newser) – Ben Bernanke isn’t worried about a double-dip recession, despite an economy he acknowledged as unexpectedly troubled this year, reports MarketWatch. “I expect hiring to pick up from last month’s pace as growth strengthens in the second half of the year,” the Fed chairman told a meeting of international bankers in Atlanta. He said that high commodity prices weren’t the Fed’s fault, and that Japan’s earthquake was the cause of poor economic numbers since April. Its effects will wear off in the next few months, he said, helped by the possibility of lower gas prices.

But “until we see a sustained period of stronger job creation, we cannot consider the recovery to be truly established,” he said, adding that inflation “should moderate” given stable expectations and commodity prices. (The market dipped after his speech, apparently because Bernanke signaled no further Fed action.) Earlier, at a White House press conference with German chancellor Angela Merkel, President Obama sounded a similar theme: “I'm not concerned about a double-dip recession," he said, according to Fox News. "I am concerned about the fact that the recovery that we're on is not producing jobs as quickly as I want it to happen.”

View 2 more images
More From Newser
My Take on This Story
To report an error on this story,
notify our editors.
Ben Bernanke, President Obama: No Fear of a Double-Dip Recession is...
27%
11%
14%
5%
35%
9%
Show results without voting
You Might Like
Comments
Showing 3 of 20 comments
MisterPlinkett
Jun 8, 2011 2:04 AM CDT
i realize this site is plagued by liberals, but what exactly is "brilliant" about a couple of liars who clearly know nothing about economy promising more bullshit that has already proved worthless? bernanke should be locked up...he's a criminal. and what authority or experience does obama have? he was a nobody before becoming president and you people support him like he has some credibility. it's time to stop blaming bush for today's problems and recognizing that obama doesn't have a fucking clue. they are selling this country and the people down the river for their own selfish gains. they have no intention of fixing the problem...and even if they did, they wouldn't have the faintest idea of how to do it.
DieselDaWg
Jun 8, 2011 12:34 AM CDT
" “I expect hiring to pick up from last month’s pace as growth strengthens in the second half of the year,” the Fed chairman told a meeting of international bankers in Atlanta." ================================= Future headline sometime around late Nov: "Bernake surprised by unexpected economic sluggishness"
stevsie
Jun 8, 2011 12:29 AM CDT
every fart from this guy drops the market 10 points.