It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Bernanke: Recovery Won't Feel “Terrific
The economy will avoid a double-dip recession, but unemployment will remain high for some time, making for a very painful recovery for some, Federal Reserve Chairman Ben Bernanke said Monday.
Speaking at the Woodrow Wilson International Center for Scholars, the nation’s top bank struck an optimistic tone when speaking about the shape of the economy emerging from the worst crisis since the Great Depression.
"There seems to be a good bit of momentum in consumer spending and investment," he said, according to multiple reports. "My best guess is we'll have continued recovery, but it won't feel terrific."
Spain Small Lenders Struggling for Funding,
"The smaller Spanish banks cannot finance their positions in (Spanish) government bonds through the repo market outside Spain. This shows just how little appetite there is for Spanish government risk outside Spain," the financial source said.
"And the problem is these small lenders do not have access to the interbank market so basically they are tapping the ECB to cover short-term funding needs," the source said.
"Although the support to economic growth from fiscal policy is likely to diminish in the coming year, the incoming data suggest that gains in private final demand will sustain the recovery in economic activity," Bernanke said in remarks prepared for the House Budget Committee. Budget experts project that, under current trends, the federal budget deficit will shrink by as much as $500 billion next year.
It will take the economy a significant amount of time to restore the 8.5 million jobs lost in the crisis, he noted.
Originally posted by sligtlyskeptical
The liquidity argument is nothing but moose droppings. Where was the liquidity on May 6th? Why do we have historically high volatility now if these short term trades are actually suppose to provide liquidity and sooth the markets? It is all a lie and our markets won't be on solid footing until we put serious limits on this casino action.
Shares in BP fell a further 6% on Wednesday amid fears that it will cut its dividend to help pay for the Gulf of Mexico disaster.
Shares in the oil giant were trading at 384.6p by mid-afternoon.
April's oil spill has sent shares in the company tumbling. Before the disaster, they were trading at 648p.
On Tuesday, BP shares lost 5% after US President Barack Obama said he would have fired chief executive Tony Hayward over remarks he made.
Mr Hayward made comments such as "I want my life back" and called the Gulf "a big ocean" in the wake of the disaster, which killed 11 people...