We've Been "Jackson Holed"

Aug 26th, 2011

Before we begin parsing and dissecting Ben Bernanke's most important pronouncement of the year, shouldn't we all actually read the whole statement for yourselves?

Here is the annual Fed Chairman speech in Jackson Hole, WY:

"Good morning. As always, thanks are due to the Federal Reserve Bank of Kansas City for organizing this conference. This year's topic, long-term economic growth, is indeed pertinent--as has so often been the case at this symposium in past years. In particular, the financial crisis and the subsequent slow recovery have caused some to question whether the United States, notwithstanding its long-term record of vigorous economic growth, might not now be facing a prolonged period of stagnation, regardless of its public policy choices. Might not the very slow pace of economic expansion of the past few years, not only in the United States but also in a number of other advanced economies, morph into something far more long-lasting?