From The Big Picture:
Art Cashin of UBS looks at the Q&A portion following Fed Chairman Bernard Bernanke’s Cleveland speech last night.
Regardless of what you thought of the speech (Lessons from Emerging Market Economies on the Sources of Sustained Growth) it was the Q&A that produced the stir.
Via the Associated Press, here is a brief report on the event:
"Federal Reserve Chairman Ben Bernanke said Wednesday that long-term unemployment is an American 'national crisis' and suggested that Congress should take further action to combat it. He also said lawmakers should provide more help to the battered housing industry. Bernanke noted that about 45 percent of the unemployed have been out of work for at least six months.
"This is unheard of...
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