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Bernanke urges aggressive action

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Bernanke urges aggressive action

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US Federal Reserve Chairman Ben Bernanke has urged bold action to pull the world’s largest economy out of recession.

Bernanke told a US Congressional committee that without an aggressive approach – including possibly even more financial help for banks – economic stagnation could last much longer. He said: “The effectiveness of the policy actions taken by the Federal Reserve, the Treasury, and other government entities in restoring a reasonable degree of financial stability will be critical determinants of the timing and strength of the recovery.” As Bernanke spoke new data was released which showed sales of previously owned US homes tumbled to a record low in January. That reversed December’s gains and indicated the US economy’s downward spiral is gathering speed.