(October 15, 2008)--Federal Reserve Chairman Ben Bernanke said Wednesday the country's economic health won't snap back quickly even if confidence in the U.S. financial system returns and roiled markets finally calm.
Bernanke, in prepared remarks Wednesday to the Economic Club of New York said, "Stabilization of the financial markets is a critical first step, but even if they stabilize as we hope they will, broader economic recovery will not happen right away."
Meanwhile Wednesday, the Fed’s new snapshot of business conditions around the nation shows the economy continued to lose traction, reflecting mounting damage as financial and credit problems took a turn for the worse.
Economic activity weakened across all of the Fed's 12 regional districts, according to the report. Consumer spending slumped in most areas, as did manufacturing activity.
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