Federal Reserve Chairman Ben Bernanke spoke to the House Budget Committee this morning about kicking off a fresh round of government stimulus to calm the still-jittery markets. “With the economy likely to be weak for several quarters, and with some risk of a protracted slowdown, consideration of a fiscal package by the Congress at this juncture seems appropriate,” he said. “The time needed for economic recovery, however, will depend greatly on the pace at which financial and credit markets return to more-normal functioning. Because the time that will be needed for financial normalization and the effects of ongoing credit problems on the broader economy are difficult to judge, the uncertainty currently surrounding the economic outlook is unusually large.” Thanks, genius. [AP]
