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Fed Chairman Sees Possibility Of 'Jobless' Recovery: Shelby

By: CNBC.com | 13 Jul 2009 | 05:19 PM ET

Federal Reserve Chairman Ben Bernanke sees the possibility of continued high unemployment even after the recession eases, a key Republican lawmaker told CNBC.

"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.

Earlier Monday, Christina Romer, chair of the President's Council of Economic Advisors, told CNBC that it was difficult to quantify job creation despite President Obama's prediction that his economic stimulus plan could save or create 3.5 million jobs.

"It's very hard to say exactly—you don't know what the baseline is," Romer said in a live interview. "Because you don't know what the economy would have done without it. (the stimulus plan)." Click here to watch interview.

The president's council released a report on Monday saying that jobs in the healthcare and environmental sectors are growing at a faster rate than those of the U.S. economy as a whole.

The report, which looks at how the U.S. labor market is expected to develop in the next few years, says a rebound in employment in construction and some manufacturing sectors is expected as stimulus spending approved early this year invests in projects around the country.

The report is based on an analysis of recent labor market data, a White House official said.

The report identifies likely changes in the U.S. labor market as economic drivers shift from sectors like financial services to the growing sectors that are transforming the economy, the official said.

—Reuters contributed to this report.

© 2009 CNBC

http://www.cnbc.com/id/31895367

Total horseshit.

Edited by MOP

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What are you talking about? Do you mean that our leaders lie to us and the media are a shoal of goldfish who forget that they do it all the time:

http://money.cnn.com/2008/02/14/news/econo...ulson/index.htm

FFS, why do they print a word that Bernanke, Darling or any economist/politican/banker say:

http://www.guardian.co.uk/business/2008/ma...tcrunch.banking

They're absoultely full of 5hit...why do we put it on here?

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they cant ignore the unemployment stats, like they can inflate gdp by printing money. Next they will be telling us we have recovered, but the jobs will be gone forever.

Its just too expensive here, our labour cannot compete because of the massive cost of living required here.

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What are you talking about? Do you mean that our leaders lie to us and the media are a shoal of goldfish who forget that they do it all the time:

http://money.cnn.com/2008/02/14/news/econo...ulson/index.htm

FFS, why do they print a word that Bernanke, Darling or any economist/politican/banker say:

http://www.guardian.co.uk/business/2008/ma...tcrunch.banking

They're absoultely full of 5hit...why do we put it on here?

Why do people enjoy freak shows? It's a curiosity thing.

"Look at the funny little baldy man with the white beard talking out of his ass again."

Ben-Bernanke--39795.jpg

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they cant ignore the unemployment stats, like they can inflate gdp by printing money. Next they will be telling us we have recovered, but the jobs will be gone forever.

It's all based on the idea that unemployment is a lagging indicator in a normal recession. This is not a normal recession IMO. It has been pointed out many times that unemployment may be a leading indicator into the 2nd leg of a credit-driven collapse. This is what I think will happen.

Edited by MOP

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Guest Steve Cook
It's all based on the idea that unemployment is a lagging indicator in a normal recession. This is not a normal recession IMO. It has been pointed out many times that unemployment may be a leading indicator in a credit-driven collapse, hence the next leg down is probably not far off.

Yes

This most certainly is not a normal recession, at least in terms of where we go from here.

It's beginning were normal in the sense that it was instigated by an energy price shock just like all of the other recent recessions in modern history. However, it is not normal in the sense that this time around the price rise was down to supply constraints relative to demand rather than, say, the Saudis turning the taps down for political/economic reasons as happened in the 70s.

We don't get to grow out of this one.

Which is why printing money as a way of borrowing from tomorrow's growth is a very, very bad idea.

Edited by Steve Cook

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Yes

This most certainly is not a normal recession, at least in terms of where we go from here.

It's beginning were normal in the sense that it was instigated by an energy price shock just like all of the other recent recessions in modern history. However, it is not normal in the sense that this time around the price rise was down to supply constraints relative to demand rather than, say, the Saudis turning the taps down for political/economic reasons as happened in the 70s.

We don't get to grow out of this one.

Which is why printing money as a way of borrowing from tomorrow's growth is a very, very bad idea.

You can have infinite growth economically with a massively shrinking energy supply.

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