World stock markets sank Wednesday after Federal Reserve Chairman Ben Bernanke offered a sobering assessment of the U.S. economy's growth prospects.
Oil prices slid to near $98 a barrel while the dollar dropped after Bernanke offered no new steps to stimulate growth despite saying the U.S. economy had weakened in recent weeks and was undergoing an unexpectedly slow recovery.
Meanwhile, in Washington on Tuesday, Bernanke said the U.S. economy had not grown as quickly as had been expected so far this year.
He said growth has been held back by higher gas prices and disruptions of industrial supplies from Japan following the March 11 tsunami and nuclear disaster there.
Bernanke expects the economy to pick up in the second half of the year, but he acknowledged that the pace of the growth remains "frustratingly slow from the perspective of millions of unemployed and underemployed workers."
SECOND HALF OF THE YEAR, REALLY!??!
I'd love to hear what the brilliant plan for that growth, what is going to help that along. Lower gas prices are you fucking kidding me. High gas prices and disruption of industrial supplies. Do people actually believe this shit. WOW!
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