Fed Says "Recession Possible"

According to this article in Yahoo! Finance:

"For the first time, Federal Reserve Chairman Ben Bernanke acknowledged the U.S. could reel into recession from the powerful punches of housing, credit and financial crises."

Possible? I think if you ask many of the thousands who have lost their job, who have seen their home values drop, who are choosing between food or gas, who have seen the buying power of their dollars drop, that maybe those folks would opine that a recession has already begun.

Granted, not everyone is out of work, not everyone has a home who has dramatically lost value. In some areas, home prices are still increasing, just not at the astronomical rates of the past few years.

But for those who have lost jobs, lost equity and are having a tough time making ends meet, I think they would say the recession is here.