Almost, as if any good news would be a reason to buy stocks, our stock markets are "all" up over 3 percent and the "Dow Jones Industrial Average" finished up 232 points. Fed Reserve Chairman Bernanke seems to be the primary driver for this rally. In a Congressional hearing, earlier this morning, Bernanke said that the recession "could" be over in '09.
Now, before you uncork the champagne and start buying up all the beat-down stocks you can find, you would be well advised to look at what this "Carnac the Magnificent", Mr. "Big Ben" Bernanke, said to Congress in April of just last year: "Recession is possible, but recession is a technical term ...I'm not ready to say whether or not the U.S. economy will face such a situation..." (See Full Story)
Now, for me, I don't think Bernanke can really be trusted with his defective little crystal ball. If what we are going through, right now, is just some kind of "technical" situation, I'd really hate to see what an actual, not "technical," recession looks like.
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