Fun With Economic Reporting

Just for fun, check this out...

Here is Bloomberg..."Bernanke Sees Growth Rebounding":
``Economic growth will be modestly below trend in the near term,'' and over the coming year will ``return to a rate that is roughly in line with the growth rate of the economy's underlying productive capacity,'' he told the National Italian American Foundation in New York"

Here is the WSJ..."Bernanke Offers Upbeat Assessment":
"In his first major speech on the economic outlook since his testimony to Congress in July, Mr. Bernanke said growth outside of housing and autos remains "solid," underlying inflation "uncomfortably high" and that the choice before the Fed is whether to raise rates, not whether to cut them. "

Here is the FT..."Markets Uncertain Despite Fed Comments"
"Speaking in New York, Mr Bernanke reassured investors that the outlook for the US economy remained fair, and the slowdown to more moderate growth was proceeding largely as expected."

Here is the UK's Telegraph..."US setbacks see dollar plunge to 15 year low"
"The dollar tumbled to a near a 15-year low against sterling yesterday on fresh signs of economic trouble in the United States. An 8.3pc crash in US industrial orders and an admission by the Federal Reserve chairman that Washington does not know how bad housing really is set off another day of wild gyrations on the currency markets."

and

"Federal Reserve chairman, Ben Bernanke, said the housing slump "would be a drag on economic growth into next year". Mr Bernanke said official figures did not pick up the "sharp increase" in cancellations on house deals and might understate the inventory glut.
"Any significant effect on consumer spending arising from further weakness in housing would have important implications for the economy," he said."

and, the caption under ole' Ben's picture

"The Federal Reserve chairman Ben Bernanke said Washington did not know how bad a state the American housing market was in."

Jeez.