Bernanke Finally Takes Off the Gloves via the Blog of the Real Estate Center

Fed Chairman Bernanke finally took the gloves off yesterday and punched Congress right in the face. Finally!

First, he outlined how the U.S. economy is weakening. Here is his assessment:

* The U.S. economy appeared to decelerate in the first half of 2012.
* Job creation recently has been much weaker than the first quarter.
* Household confidence about employment and income is low.
* Manufacturing production has slowed in recent months.
* Surveys of business spending indicate weakness ahead.
* Fed projections of GDP growth were revised down to 1.9 to 2.4 percent this year.
* Fed projections of GDP growth in 2013 have been revised down to a range of 2.2 to 2.8 percent.
* Reduction of unemployment rate will be frustratingly low.
* No members of the Fed think unemployment will be back to normal levels by 2014.

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