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Bernanke: US jobless rate to remain high
[Iran Press TV Latest] The US Federal Reserve Chairman Ben Bernanke has warned that despite an improving economy the jobless rate across the nation is going to remain high for some time. "Most indicators suggest that financial markets are stabilizing and that the economy is emerging from the recession," Bernanke said Thursday at the start of his confirmation hearing for a second term as the Fed's chief, reported AFP. "Yet our task is far from complete. Far too many Americans are without jobs, and unemployment could remain high for some time even if, as we anticipate, moderate economic growth continues." Bernanke added that "as we move forward, we must take care that the Federal Reserve remains effective and independent, with the capacity to foster financial stability and to support a return to prosperity and economic opportunity in a context of price stability." Since the end of 2007, Bernanke's Fed has used extraordinary powers to ward off another Great Depression, including the bailout of big financial companies, together with the Treasury that has put taxpayers' money at risk. Both houses of Congress are working on legislation to curb the Fed's powers, including an audit of the central bank's interest rate decisions, weaker regulatory powers over banks, and a reduced role for private bankers in the 12 regional Fed banks. Bernanke, however, attributed great improvement in the financial conditions and the relative economic recovery to the powers exercised by the Federal Reserves. "Taken together, the Federal Reserve's actions have contributed substantially to the significant improvement in financial conditions and to what now appear to be the beginnings of a turnaround in both the US and foreign economies," he said. Posted by: Fred 2009-12-04 |
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