The Chairman of the Federal Reserve Ben Bernanke hopes that the current recession, already into its second year, will end in 2009. Bernanke shared the welcomed news with Congress today.
Before you let out a sigh of relief know that there is still reason to be anxious. Bernanke's rosy prediction that 2010 could be a year of recovery hinges on the success of the government's plan to stabilize the financial markets. So far just the announcement of housing and bank rescue plans have done little to soothe them. Let's hope actual implementation does more.
Risks that could bring the doom and gloom into the next decade include: financial troubles overseas that could hurt US exports and increased unemployment if the government can't bring up consumer spending by stopping current job loss, tanking homes values, and shrinking nest eggs.
Do you have faith that next New Year's Eve, you'll be ringing in the end of the recession?