Bernanke, Kohn grim on outlook

Ben Bernanke and Don Kohn, the two top officials at the Federal Reserve, have forecast a gloomy outlook for the American economy.

Bernanke, the Fed chairman, warned that even if financial markets stabilised, "broader economic recovery will not happen right away."

"The housing market continues to be a primary source of weakness in the real economy as well as in the financial markets, and we have seen marked slowdowns in consumer spending, business investment and the labour market," Bernanke sai

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