Someone give Ben... a brake!

As a student of the Great Depression, Ben Bernanke supposed to knows a recession when he sees one. The Federal Reserve chairman once served on the very panel of experts that unofficially determines when recessions begin and end... But this time he was reluctant in admitting the idea of recession, for a while, in spite of all other economists who were talking extensively about recession for many month.

Now for the first time, Bernanke acknowledged on Wednesday that the U.S. could reel into recession from the powerful punches of housing, credit and financial crises, record highs and job losses.

"A recession is possible," said Bernanke... But also made a point. "A recession is a technical term," he said. "I'm not yet ready to say whether or not the U.S. economy will face such a situation." He said he expects economic growth to pick up in the second half of the year and into 2009.

"Much necessary economic and financial adjustment has already taken place, and monetary and fiscal policies are in train that should support a return to growth in the second half of this year and next year," Bernanke said.

Is that so?... But for many sceptics the question remains: How much can we rely on his practical expertise?... and frankly his perception of reality? The Fed and the White House have been thrust into crisis-management mode that for many experts remain obscure, severe and extremely difficult to contain.

Come to think of it, Ben Bernanke was sworn-in on June 21, 2005 as Chairman of the President's Council of Economic Advisers... clearly just in the middle of economical turmoil and inherited the economical chaos from his predecessor (can I mention his name?). History isn't written over night nor over the past 2 years... takes longer than that! He is trying his best to fix a stinky economy that has been around for some time.

Someone give Ben... a brake!

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Update: March 4 -- Federal Reserve Chairman Ben S. Bernanke, battling the worst housing recession in a quarter century, urged lenders to forgive portions of mortgages held by homeowners at risk of defaulting.

Bernanke warned that the housing crisis may deepen. ``Delinquencies and foreclosures likely will continue to rise for a while longer,'' Bernanke said in the comments to the Independent Community Bankers of America... ``further declines in house prices are likely,'' he said.