"Fed Stands Ready to Take Further Action"

Well, then. This ought to make everything OK. Bloomberg reports:

The Fed “will continue to closely monitor economic developments and is prepared to take further action as appropriate to promote a stronger economic recovery in a context of price stability,” Bernanke said today in testimony to Congress’s Joint Economic Committee in Washington.

We can breathe a sigh of relief. Happy days are here again, because everything else the Fed has done to promote a "stronger economic recovery," in any context, has been so effective.

It will be noted that Bernanke uttered the "D" word with regard housing -- it's "depressed." Is depression contagious?

Housing, which had been a “significant driver of recovery from most recessions” in the U.S. since World War II, is now among industries contributing to the “slower-than-expected rate of expansion,” Bernanke said.

We predict you'll be seeing the word "depression" more in the coming weeks and months.