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Economic Recovery Will Take Time, Bernanke Says

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The Tampa Tribune

Published: October 16, 2007

WASHINGTON - A deepening housing slump probably will be a 'significant drag' on economic growth into next year and it will take time for Wall Street to fully recover from a painful credit crisis, Federal Reserve Chairman Ben Bernanke warned Monday.

Bernanke once again pledged to 'act as needed' to help financial markets - which have suffered through several months of turbulence - function smoothly and to keep the economy and inflation on an even keel.

'Conditions in financial markets have shown some improvement since the worst of the storm in mid-August, but a full recovery of market functioning is likely to take time, and we may well see some setbacks,' Bernanke said in a speech to the New York Economic Club.

The Associated Press

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