The NY Times reports the Ben Bernanke says the American economy is poised to grow. The chairman of the Federal Reserve claimed today that “the prospects for a return to growth in the near term appear good.”
Not only does Bernanke believe the recession may be ending, but there is a “good” possibility of economic growth. But, he also warned any recovery “is likely to be relatively slow at first, with unemployment declining only gradually from high levels.”
Meanwhile, McClatchy reports What rebound? Foreclosures rise as jobs and income drop. “Delinquency and foreclosure rates for U.S. mortgages continued to rise in the second quarter, with loans to the most qualified borrowers going bust at an unnerving clip”. Numbers “show clearly that rising job losses are worsening the nation’s housing troubles… More worrisome is a trend emerging deeper in the numbers: Subprime loans given to the weakest borrowers are now a declining portion of delinquency and foreclosure rates, while prime loans, given to the most highly qualified borrowers, are a rising share.”
Four at Four continues with the CIA, Obama defying federal courts, an update from Afghanistan, and the Death of the Nile.