The Internet Media Works provided the speech given by Chairman Ben S. Bernanke at the Morehouse College in Atlanta, Georgia this April 14th. I was struck by the dismal, yet encouraging prospects presented.

He cites today’s ongoing turmoil in the financial markets consequenting the global market recession, resulting in the worse financial crisis since the Great Depression. Difficult words to hear, I know. Still, Bernanke is “fundamentally optimistic about our economy”.

These constraints on the flow of credit have resulted, among other things, job losses at ½ billion per month. With construction projects cancelled and factories shut, families are faced with disaster in the form of foreclosures to their homes – the American Dream.

He goes on to pose and answer Four Questions -

How Did We Get Here?

What Is the Fed Doing to Address the Situation?

Does the Fed’s Aggressive Response Risk Inflation Down the Road?

Why Did the Fed and the Treasury Act to Prevent the Bankruptcy of Some Major Financial Firms?

“Recently we have seen tentative signs that the sharp decline in economic activity may be slowing, for example, in data on home sales, homebuilding, and consumer spending, including sales of new motor vehicles. A leveling out of economic activity is the first step toward recovery, ” cites Bernanke.

In conclusion, he says, “Today’s economic conditions are difficult, but the foundations of our economy are strong, and we face no problems that cannot be overcome with insight, patience, and persistence.”

To read the entire speech, including the answers to the Four Questions, go to http://www.federalreserve.gov/newsevents/speech/bernanke20090414a.htm

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