Tuesday, March 3, 2009

Bernanke Recovery

Bernanke says keep an eye on recovery

UPI — Federal Reserve Chairman Ben Bernanke called on U.S. lawmakers to view the federal budget with financial stability in mind.
Bernanke increased his rhetoric on the economy Tuesday, telling the Senate Budget Committee the past 18 months have been a period of "extraordinary turbulence."
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Euro extends losses vs dollar as stocks turn negative

Reuters — The euro extended losses against the dollar on Tuesday as U.S. stocks turned negative after Federal Reserve Chairman Ben Bernanke said more must be done to secure financial market stability.
The euro hit a session low of $1.2522 , according to Reuters data, after earlier rising as high as $1.2677. It was last changing hands at $1.2542, down 0.3 percent on the day.
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Bernanke Says U.S. May Need to Expand Bank Rescue

Bloomberg — Federal Reserve Chairman Ben S. Bernanke said policy makers may need to expand aid to the banking system beyond the $700 billion already approved and take other aggressive measures even at the cost of soaring fiscal deficits.
“Without a reasonable degree of financial stability, a sustainable recovery will not occur,” the Fed chairman said today in testimony prepared for the Senate Budget Committee. “Although progress has been made on the financial front since last fall, more needs to be done.”
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