Fed chief Ben Bernanke said today that the worst recession since the 1930s is "very likely over at this point." However, "it's still going to feel like a weak economy for some time," he warned, and unemployment will almost certainly rise. He spoke today to the Brookings Institution, where he also said he's confident Congress will revamp the nation's financial rule book to prevent a future crisis.
"I feel quite confident that a comprehensive reform will be forthcoming," Bernanke said. It has been "too big a calamity" over the past year, with the near meltdown of the US financial system, for Congress not to take action, he added. President Obama yesterday urged Congress to enact legislation this year.