Half Full or Half Empty?

Fed Chair Ben Bernanke testified before Congress today on the state of the economy. Striking a tone alternatively grim and hopeful, his testimony posed challenges for those required to sum things up in a pithy takeaway. Whether 2010 is a long time to wait for a recovery thus depends on whom you ask: The New York Times leads gloomily with “Fed Chief Says Recovery May Wait Until 2010 Or Later” while the comparatively cheery Washington Post reports that “The U.S. recession could end this year, paving the way for a ‘year of recovery’ in 2010.”

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