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"If actions taken by the administration, the Congress, and the Federal Reserve are successful in restoring some measure of financial stability -- and only if that is the case, in my view--there is a reasonable prospect that the current recession will end in 2009 and that 2010 will be a year of recovery," Bernanke said in prepared testimony. The Fed chief is testifying today before the Senate Banking Committee.
But Bernanke was cautious: "This outlook for economic activity is subject to considerable uncertainty, and I believe that, overall, the downside risks probably outweigh those on the upside."
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Bernanke: Recession may end in '09; Stocks climb Stocks rise as Bernanke tells Congress the difficult recession may end this year * Tim Paradis, AP Business Writer * Tuesday February 24, 2009, 2:39 pm EST