My analysis indicates FED Chairman is way off

"Dead cat bounce - And he is inconsistent"

Wall St. rises as Bernanke eases fears on banks

Reuters - 3 minutes ago

NEW YORK (Reuters) - Stocks rose on Tuesday, gaining more than 2 percent a day after hitting 12-year lows, after Federal Reserve Chairman Ben Bernanke signaled that nationalization of major banks was not at hand. (SOURCE: http://news.yahoo.com)

Bernanke fears recession could extend to 2010

(SOURCE: http://www.reuters.com/article/topNews/idUSTRE51L1SS20090224?feedType=RSS&feedName=topNews)

Tue Feb 24, 2009 1:54pm EST

By Mark Felsenthal and Alister Bull

WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke warned on Tuesday the "severe" U.S. recession may drag into 2010 unless the government succeeds in stabilizing the banking system and financial markets with strong action.

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The odd thing is that nationalizing the banks is as American as apple pie. The FDIC takes over failing banks all the time. We've even done it really big time before. In the 1980s, almost 750 savings and loan associations went belly up due to bad real estate investments (sound familiar?). What did President George H.W. Bush do? He nationalized them, only he didn't call it that. Instead, Congress created the Resolution Trust Corporation which gobbled them up, cleaned up the mess, and eventually shut down when its job was done. The same thing could be done now. The main problem is finding a nice word for nationalization that fits in with the spirit of the times. Today Nobel Prize winner Paul Krugman cited Calculated Risk's coinage of "preprivatization." Sounds as good as anything else. (SOURCE: http://www.electoral-vote.com/)