I hate to quote an entire article from the NY Times but it is so succient:
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"We continue to expect overall economic activity to bottom out, and then to turn up later this year."
- Ben S. Bernanke, Fed chairman, in testimony to House Budget Committee, June 3, 2009
"Recent information indicates that overall economic activity continues to expand, partly reflecting some firming in household spending. . . . Although downside risks to growth remain, they appear to have diminished somewhat."
- Federal Open Market Committee statement, June 25, 2008
"At this juncture, however, the impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained."
- Bernanke testimony to Joint Economic Committee, March 27, 2007
"At this point, the available data on the housing market, together with ongoing support for housing demand from factors such as strong job creation and still-low mortgage rates, suggests that this sector will most likely experience a gradual cooling rather than a sharp slowdown."
- Bernanke testimony to Joint Economic Committee, April 27, 2006
(Thanks to David A. Rosenberg, the chief economist and strategist of Gluskin Sheff, a money management firm based in Toronto, for cataloging some of these comments.)
[Update 2009 06 18 - Here's a longer list of "everything is okay" statements from our fearless financial central planners.]
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