Mortgage Meltdown: Chairman of Fed Bernanke Says Bailout Will Take Time; Recovery Will Take Time

The New York Times reports:

Despite the hope that the bailout would quickly relieve some of the economic pressure placed upon the economy, chairman Ben Bernanke warned Wednesday that economic stability will not occur immediately even despite market stabilization. He added that the labor, housing and credit markets would also take time to rebound, without giving an actual estimate of time for recovery. He added, ‘We will not stand down until we have achieved our goals of repairing and reforming our financial system and restoring prosperity.’

For more, see http://www.nytimes.com/2008/10/16/business/economy/16bernanke.html?_r=1&hp&oref=slogin.

 

 

 

 

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