News Flash: Bernanke Feared a Second Great Depression (and other events from a slow news day)
Bernanke refuses to buy a home in a Hooverville...
Why are headlines screaming that "Bernanke feared a second Great Depression?" (that one from the WSJ) Um, yeah, I thought that was a given from his monetary policy and his previous life as a Great Depression scholar.
I get it that the headlines are based on this weekend's quote: "I was not going to be the Federal Reserve chairman who presided over the second Great Depression." Just saying.
...but others seem ready to...new home sales were up 11% in June...biggest jump in 8 years
It's extremely hard to interpret month-to-month numbers, but some are seeing this as another green shoot. Here's the first paragraph of the Bloomberg article:
Purchases of new homes in the U.S. climbed 11 percent in June, the biggest gain in eight years, underscoring evidence that the deepest housing slump since the Great Depression is starting to stabilize.
Verizon announces 8,000 job cuts and lower earnings (missed estimates)
Shares are down 2-3% as I write this. We'll have more in an article later today.
Let's do what everyone else in the media does on a slow news day
The latest about Jon, Kate, and the Kate sequel...oooh!