Federal Reserve Chair Ben Bernanke said on Friday that he was optimistic the economy is about to take off.
Bernanke acknowledged that credit is still tight, especially for businesses, but he told an audience of bankers, academics, and economists that the worst is over.
"Although we have avoided the worst, difficult challenges still lie ahead," Bernanke said. "We must work together to build on the gains already made to secure a sustained economic recovery."
Bernanke called for stronger regulation of financial rules "to ensure that the enormous costs of the past two years will not be borne again."
Source: The Associated Press, Jeannine Aversa (08/21/2009)