Monday, March 23, 2009

Good News - End to Recession on Horizon?

Another indicator that now is the time to get back into the property market came recently from the head of the Fedaral Reserve Ben Bernanke.
Mr. Bernake is hopeful for US recovery. The head of the US central bank has said he expects America's recession to end this year. "This decline will begin to moderate and we'll begin to see a levelling off," the Federal Reserve chairman told the CBS 60Minutes TV programme. But he said the world had come very close to financial meltdown last year, before governments stepped in. Mr Bernanke warned that the biggest risk to recovery would be a lack of political will to solve problems. The BBC's Sarah Morris says it is unusual for the Federal Reserve chairman to talk to the media in this way - but Mr Bernanke said he decided to go ahead with the CBS interview because this was an extraordinary time.
His comments came after the UK government warned that the upcoming G20 meeting was critical if the world wished to avoid the economic turbulence seen in the 1930s. Mr Bernanke told the US Congress in January he believed that the recession that took hold at the end of 2007 would end this year. He stuck to that view in the interview while suggesting that recent developments may have set confidence back. "We'll see recovery beginning next year," he said but added recovery could be put in jeopardy if "we don't have the political will". He said a government fund of $500bn was stabilising the mortgage market and business lending was picking up.
Now is the time!!!!

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