Oblivious Bernanke States Obvious

Ben Bernanke: “It now appears likely that gross domestic product will not grow much, if at all, over the first half of 2008 and could even contract slightly. Much necessary economic and financial adjustment has already taken place, and monetary and fiscal policies are in train that should support a return to growth in the second half of this year and next year. Clearly, the U.S. economy is going through a very difficult period.”