Apparently more journalists watch 60 Minutes than watch Congressional testimony.Today, the mainstream and financial media has been making a big deal about the fact that Federal Reserve Chairman Ben Bernanke predicts an economic recovery in 2010. Why is this such a big deal today? It's not like this is something Bernanke hasn't said before. The press might as well report that Jupiter is a planet. That would be equally groundbreaking.
For those who put stock in Bernanke's predictions, keep in mind that a year ago he was predicting a housing recovery in the second half of 2008. He also made housing recovery predictions several times before that as well. How'd that work out?
Also lost in the headlines is that Bernanke's prediction has a very major caveat. He only predicts a recovery in 2010 if the federal government's attempts to stabilize the financial system are successful. That's a pretty big caveat!
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