Fed Chairman Sees Possibility Of 'Jobless' Recovery: Shelby
CNBC ^ | 7/13/2009 | Staff
Posted on Monday, July 13, 2009 5:27:14 PM by Red in Blue PA
Federal Reserve Chairman Ben Bernanke sees the possibility of continued high unemployment even after the recession eases, a key Republican lawmaker who met with the Fed chief told CNBC. Ben Bernanke --------------------------------------------------------------------------------
"It was a rather sobering meeting," Sen. Richard Shelby, an Alabama Republican, said in a live interview. "I said...'Could this be a jobless recovery?'...and he said it could be," Shelby said.
Bernanke has predicted the recession will end this year, with many economists forecasting that the economy will start to grow again as soon as the current July-September quarter. But his comments on unemployment appeared to be more pessimistic than any of his recent public statements.
"I didn't come out of the meeting feeling a lot of euphoria," Shelby said. See video for entire interview.
(Excerpt) Read more at cnbc.com ...
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