Two former Federal Reserve chairs, Janet L. Yellen and Ben S. Bernanke, pushed for further economic relief from lawmakers, adding that it would take years before unemployment was back to pre-pandemic levels.
The second thing, though, which is the good news, is that after the 2008 crisis, we did a lot of work to try to strengthen the financial system. One of the things you pointed out in a piece you wrote with your successor, Janet Yellen, in the Financial Times a week or so ago, is that this was not yet a financial crisis. Based on our experience in the global financial crisis, we think the Fed may find it needs to go further. The Fed is all about trying to make the credit markets work well.       With the economic picture bleak, former Federal Reserve Chairs Ben Bernanke and Janet Yellen urged Congress to do more to help the economy deal with the devastating pandemic, such as extending increased unemployment benefits and providing assistance to hard-hit states and local governments, something many Republicans oppose. In that scenario, the recession may be deep, but at least it will have been short.” To ensure this, the Fed must make credit readily available, Bernanke and Yellen said. The | many Republicans oppose. In that scenario, the recession may be deep, but at least it will have been short.” To ensure this, the Fed must make credit readily available, Bernanke and Yellen said. The way things are moving, and the actions that the Federal Reserve has taken this morning and in the past — a lot of which you and Dr. Yellen suggested — are you a little more concerned now that the financial system is a little stuck? “After the 2008 crisis, we did a lot of work to try to strengthen the financial system. But Yellen and Bernanke said, “The enormous loss of revenue from the recession, together with the new responsibilities imposed by the pandemic, has
Two former Federal Reserve chairs, Janet L. Yellen and Ben S. Bernanke, pushed for further economic relief from lawmakers, adding that it would take years before unemployment was back to pre-pandemic levels.
new video loaded:Ex-Federal Reserve Chairs Urge More Economic Relief From Congress
transcript
Ex-Federal Reserve Chairs Urge More Economic Relief From Congress
Two former Federal Reserve chairs, Janet L. Yellen and Ben S. Bernanke, pushed for further economic relief from lawmakers, adding that it would take years before unemployment was back to pre-pandemic levels.
“We want people to be able to pay their bills, and to stay in their homes. I think also I would add that we need to worry about health insurance, which is another thing that happens when you lose your job. The other purpose of the unemployment insurance is to increase aggregate demand. People will go out and spend. And that will help the economy generally. But there is this very powerful sectoral effect. And there are some sectors, like restaurants, that it’s going to be a while before they can operate normally because of the effects of social distancing and so on. And it’s very hard to get around that problem.” “With the resurgence of the virus, progress is slowing and could even reverse, even if things have continued on a good track. I think it will take a number of years — two, three years — to get unemployment down to levels anywhere close to where we were before the pandemic.” But the Fed has been trying to work with the banks. They changed the accounting standard, the C.E.C.L. accounting standard, to make it that they don’t have to assess the depth of the recession quite the same way. They changed the supplementary leverage ratio. They’re working, they’re telling the banks to work with the borrowers, as you described. I think we don’t want ... It’s really good news that the banking system is in such strong condition but I think it’s important to continue to evaluate them. For example, through their stress tests. And if it becomes necessary for some banks to raise new capital, that was the thing that stopped the crisis in 2009. If it becomes necessary to do that, I hope the Fed and the other bank regulators will enforce that.”
Ex-Federal Reserve Chairs Urge More Economic Relief From Congress
Two former Federal Reserve chairs, Janet L. Yellen and Ben S. Bernanke, pushed for further economic relief from lawmakers, adding that it would take years before unemployment was back to pre-pandemic levels.
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The second thing, though, which is the good news, is that after the 2008 crisis, we did a lot of work to try to strengthen the financial system. One of the things you pointed out in a piece you wrote with your successor, Janet Yellen, in the Financial Times a week or so ago, is that this was not yet a financial crisis. Based on our experience in the global financial crisis, we think the Fed may find it needs to go further. The Fed is all about trying to make the credit markets work well.       With the economic picture bleak, former Federal Reserve Chairs Ben Bernanke and Janet Yellen urged Congress to do more to help the economy deal with the devastating pandemic, such as extending increased unemployment benefits and providing assistance to hard-hit states and local governments, something many Republicans oppose. In that scenario, the recession may be deep, but at least it will have been short.” To ensure this, the Fed must make credit readily available, Bernanke and Yellen said. The way things are moving, and the actions that the Federal Reserve has taken this morning and in the past — a lot of which you and Dr. Yellen suggested — are you a little more concerned now that the financial system is a little stuck? “After the 2008 crisis, we did a lot of work to try to strengthen the financial system. But Yellen and Bernanke said, “The enormous loss of revenue from the recession, together with the new responsibilities imposed by the pandemic, has put state and local budgets deeply in the red.” The two maintained Congress needs to avoid the mistakes made during the Great Recession ten years ago when state and local governments did not get adequate support, making the downturn worse and the subsequent recovery painfully slow. And the Fed may well do more in coming months as re-opening proceeds and as the outlook for inflation, jobs, and growth becomes somewhat clearer. And if it becomes necessary for some banks to raise new capital, that was the thing that stopped the crisis in 2009. Finally, the Fed has also taken actions as a bank regulator—for example, encouraging banks to work with borrowers hobbled by the pandemic. Yellen was just the second woman to hold the Federal Reserve's No. So, as of now, while obviously there’s a lot of financial pain out there, the financial system is holding together and with help from the Federal Reserve and from the Treasury, I’m not really expecting a major financial crisis. new video loaded: Ex-Federal Reserve Chairs Urge More Economic Relief From Congress transcript “We want people to be able to pay their bills, and to stay in their homes.
## Former Fed Chairs Urge Congress for More Economic Relief, Warn of Years-Long Unemployment Struggle

**Washington D.C.** - In a joint statement echoing concerns from economists and policymakers nationwide, former Federal Reserve Chairs Janet L. Yellen and Ben S. Bernanke have called for further economic relief measures from Congress, warning that the road to pre-pandemic unemployment levels could take years.

The two prominent economists, who steered the Federal Reserve through the 2008 financial crisis and its aftermath, stressed the urgency of the situation, highlighting the devastating impact of the pandemic on the economy. They urged lawmakers to extend increased unemployment benefits, provide aid to struggling state and local governments, and ensure the smooth functioning of credit markets.

"The enormous loss of revenue from the recession, together with the new responsibilities imposed by the pandemic, has put immense strain on state and local governments," Yellen and Bernanke wrote in a joint statement. "Without additional federal support, they will be forced to make deep cuts in essential services, further hindering the economic recovery."

Their call for action comes as the economic picture remains bleak. Millions of Americans have lost their jobs, businesses are struggling to stay afloat, and consumer confidence has plummeted. While the Federal Reserve has taken unprecedented steps to stabilize financial markets and inject liquidity into the economy, Yellen and Bernanke argue that these measures alone are insufficient.

"We believe that further fiscal stimulus is essential to mitigate the economic damage from the pandemic and support a robust recovery," they stated.

The former Fed chairs acknowledged the concerns of some lawmakers, particularly Republicans, who have expressed reservations about the cost and potential long-term consequences of additional spending. However, they emphasized the potential for a deeper and more prolonged recession if Congress fails to act decisively.

"While we understand the concerns about the national debt, the cost of inaction far outweighs the cost of providing necessary relief," Yellen and Bernanke argued. "A prolonged recession would have devastating consequences for millions of Americans and could set back the economy for years to come."

Their statement comes as Congress continues to debate the next round of economic relief legislation. The outcome of these negotiations will have a profound impact on the trajectory of the economic recovery and the lives of millions of Americans.



## Former Fed Chairs Urge Congress for More Economic Relief, Warn of Prolonged Unemployment

**Washington D.C.** - In a joint statement released today, former Federal Reserve Chairs Janet L. Yellen and Ben S. Bernanke called on Congress to enact further economic relief measures, warning that it could take years for unemployment to return to pre-pandemic levels.

The two prominent economists, who steered the nation through the 2008 financial crisis, emphasized the severity of the current economic situation, highlighting the unprecedented job losses and the strain on state and local governments.

"While the financial system is currently more resilient than it was in 2008, the economic damage inflicted by the pandemic is immense," stated Yellen and Bernanke. "The enormous loss of revenue from the recession, coupled with the new responsibilities imposed by the pandemic, has put immense pressure on state and local governments."

Their call for action comes as Congress remains divided on the scope and nature of further economic relief. While Democrats have proposed a comprehensive package that includes extending enhanced unemployment benefits and providing aid to struggling states and localities, many Republicans have expressed opposition, arguing for a more targeted approach.

Yellen and Bernanke stressed the need for swift and decisive action, arguing that delaying relief measures would only prolong the economic downturn. "The longer we wait, the deeper the recession will be and the longer it will take for the economy to recover," they warned.

The former Fed chairs also emphasized the importance of ensuring the smooth functioning of credit markets, praising the Federal Reserve's recent actions to provide liquidity and support lending. However, they cautioned that monetary policy alone would not be sufficient to address the scale of the economic crisis.

"The Fed can do its part to keep credit flowing, but it cannot replace the need for fiscal stimulus," Yellen and Bernanke stated. "Congress must act now to provide the necessary support to businesses, workers, and state and local governments."

Their statement comes as the unemployment rate remains stubbornly high, with millions of Americans still out of work. The economic outlook remains uncertain, with many analysts predicting a slow and uneven recovery.

The call for additional economic relief from two of the nation's most respected economic minds adds further pressure on Congress to reach a compromise and provide much-needed assistance to struggling Americans and businesses. 



## Former Fed Chairs Urge Congress for More Economic Relief, Warn of Years-Long Unemployment Struggle

**Washington D.C.** - In a joint statement echoing concerns from economists and policymakers worldwide, former Federal Reserve Chairs Janet L. Yellen and Ben S. Bernanke have called for further economic relief measures from Congress, emphasizing the need for swift action to mitigate the devastating impact of the ongoing pandemic. 

While acknowledging the positive steps taken to strengthen the financial system since the 2008 crisis, Yellen and Bernanke warned that the current economic downturn could be prolonged, with unemployment levels unlikely to return to pre-pandemic figures for years.

“The enormous loss of revenue from the recession, together with the new responsibilities imposed by the pandemic, has put immense strain on state and local governments," the statement reads. "Without additional federal support, these essential services will be severely compromised, further hindering economic recovery."

The former Fed Chairs specifically urged Congress to extend increased unemployment benefits, a measure that has provided a crucial lifeline for millions of Americans who have lost their jobs due to the pandemic. They also advocated for direct aid to struggling states and local governments, arguing that these entities are on the front lines of the crisis and require substantial resources to effectively combat the pandemic and support their citizens.

Their plea comes at a time of intense political debate over the scope and nature of further economic relief. While Democrats have largely supported robust stimulus packages, many Republicans have expressed concerns about the growing national debt and have advocated for a more targeted approach.

Addressing these concerns, Yellen and Bernanke emphasized the long-term economic consequences of inaction. "A deep recession, however short-lived, can have lasting repercussions on individuals, businesses, and the overall economy," they cautioned. "Investing in relief measures now will ultimately save money in the long run by preventing a more prolonged and painful economic downturn."

The former Fed Chairs' statement underscores the urgency of the situation and the need for bipartisan cooperation in addressing the unprecedented economic challenges posed by the pandemic. Their call for action is likely to intensify the debate in Congress as lawmakers grapple with the difficult decisions ahead. 



##  Yellen and Bernanke Urge Congress for More Economic Relief, Cite Years-Long Recovery Ahead

**Washington, D.C.** – Former Federal Reserve Chairs Janet L. Yellen and Ben S. Bernanke issued a stark warning to Congress on Tuesday, urging lawmakers to provide further economic relief to mitigate the devastating impact of the ongoing pandemic. The two economic heavyweights emphasized the need for extended unemployment benefits, aid to struggling state and local governments, and continued support for businesses, measures that have faced opposition from many Republicans.

Citing the unprecedented nature of the crisis, Yellen and Bernanke stressed that a swift and decisive response is crucial to prevent a prolonged recession. While acknowledging the "good news" that financial safeguards implemented after the 2008 crisis have minimized the risk of a full-blown financial meltdown, they cautioned that the economic fallout will be felt for years to come.

"It will take a long time for unemployment to get back to pre-pandemic levels," Bernanke stated, emphasizing the need for continued government intervention.

The former chairs lauded the Federal Reserve's efforts to shore up credit markets and ensure liquidity, but argued that these measures alone are insufficient.

"The enormous loss of revenue from the recession, together with the new responsibilities imposed by the pandemic, has put immense strain on state and local governments," Yellen explained. "Without additional aid, they will be forced to make drastic cuts to essential services, further exacerbating the economic downturn."

Their call for action comes as Congress remains gridlocked on a new stimulus package. Republicans have expressed concerns over the growing national debt and have resisted extending enhanced unemployment benefits beyond their current expiration date.

However, Yellen and Bernanke painted a sobering picture of the potential consequences of inaction, warning that a prolonged recession would have dire long-term repercussions for the economy and millions of Americans.


"We need to act decisively now to prevent a deeper and longer recession," Bernanke concluded. "The cost of inaction far outweighs the cost of providing necessary relief."

Their joint plea underscores the urgency of the situation and adds further pressure on lawmakers to reach a consensus on a comprehensive economic stimulus package. As the pandemic continues to wreak havoc on the economy, the debate over the appropriate level of government intervention will undoubtedly continue to dominate the political landscape. 

## "Do More to Help": Yellen and Bernanke Urge Congress for Immediate Economic Relief Amidst Pandemic

**Washington, D.C.** - Two former Federal Reserve Chairs, Janet L. Yellen and Ben S. Bernanke, have issued a stark warning: the economic fallout from the COVID-19 pandemic will be far-reaching and require immediate, substantial action from Congress. In a joint statement, they stressed the urgent need for further economic relief measures, warning that unemployment rates will take years to return to pre-pandemic levels without additional support.

Echoing concerns expressed in their recent Financial Times op-ed, Yellen and Bernanke highlighted the lessons learned from the 2008 financial crisis. While they lauded the strengthening of the financial system since then, they emphasized that the current crisis demands a bolder response.  "This is not yet a financial crisis," they noted, "but based on our experience, we believe the Fed may need to go further."

Central to their call for action is the insistence on extending enhanced unemployment benefits, which are set to expire soon, leaving millions of Americans facing financial hardship. They also urged Congress to provide direct assistance to struggling state and local governments, who are grappling with plummeting tax revenues and rising pandemic-related costs.

This plea for immediate and expansive aid faces strong opposition from many Republican lawmakers who express concerns over government spending and potential long-term consequences. However, Yellen and Bernanke underscored the gravity of the situation, emphasizing that inaction could lead to a prolonged and devastating recession.

"The enormous loss of revenue from the recession, together with the new responsibilities imposed by the pandemic, has placed immense strain on state and local governments," they stated. "Without assistance, this could lead to further layoffs and cuts in essential services, exacerbating the economic downturn."

The former Fed chairs also stressed the importance of ensuring credit markets remain functional. They commended the Federal Reserve for its swift actions in making credit readily available but cautioned against complacency.

Yellen and Bernanke's message is clear: the economic recovery hinges on decisive action from Congress. They urge lawmakers to overcome partisan divisions and prioritize the well-being of American families and businesses by enacting comprehensive economic relief measures. With the clock ticking, the question remains: will Congress heed their warning and act with the urgency demanded by this unprecedented crisis?



Former Federal Reserve Chairs Janet L. Yellen and Ben S. Bernanke have called on lawmakers to provide further economic relief in response to the ongoing COVID-19 pandemic. The two influential economists warned that it could take years for unemployment rates to return to pre-pandemic levels, emphasizing the need for immediate and substantial action.

In a recent statement, Yellen and Bernanke highlighted the severity of the economic crisis caused by the pandemic and stressed the importance of additional fiscal measures to support the recovery. They pointed out that while the financial system is currently more robust than it was during the 2008 crisis, thanks to strengthening measures implemented in its aftermath, the current situation still poses significant challenges.

The former Fed chairs advocated for several key policy actions, including:

1. Extending increased unemployment benefits to provide continued support for millions of Americans who have lost their jobs due to the pandemic.

2. Offering assistance to hard-hit states and local governments, which are facing enormous revenue losses and increased responsibilities in managing the public health crisis.

3. Ensuring that credit remains readily available to businesses and individuals to prevent a credit crunch that could further damage the economy.

Bernanke and Yellen emphasized that while the recession may be deep, swift and decisive action could help ensure that it is relatively short-lived. They argued that the Federal Reserve has already taken significant steps to support the economy, but noted that fiscal policy must also play a crucial role in the recovery process.

However, their recommendations face potential obstacles, as many Republicans in Congress have expressed opposition to certain measures, particularly aid to state and local governments. This resistance could complicate efforts to pass comprehensive relief legislation.

The economists also addressed concerns about the stability of the financial system, noting that while it is currently under stress, the reforms implemented after the 2008 crisis have made it more resilient. Nevertheless, they cautioned that the Fed may need to take further action to ensure the smooth functioning of credit markets.

As the debate over additional economic relief continues in Washington, the insights and recommendations of these two former Federal Reserve chairs are likely to carry significant weight. Their warning that it could take years for unemployment to return to pre-pandemic levels underscores the long-term economic challenges posed by the COVID-19 crisis and the need for sustained, comprehensive policy responses.
In a remarkable blend of history and luxury, a restored 19th-century olive-oil factory in the ancient city of Mugla, southwest Turkey, has hit the market for $1.77 million (13.5 million Turkish Lira). This unique property offers a glimpse into the region's rich olive cultivation heritage while providing modern comforts.

The factory-turned-home boasts eight bedrooms and is situated in a rural section of Milas, a city steeped in history within Mugla Province. The restoration has carefully preserved the building's industrial charm while adapting it for contemporary living.

Heike Tanbay, managing director of Engel & Völkers Bodrum and the listing agent, emphasized the rarity of such a property, stating, "These old factories are mostly broken down and in disuse, so this is definitely an unusual property."

The significance of olive oil production in this region extends far beyond this 19th-century structure. Recent archaeological discoveries in the nearby ancient city of Tripolis, located in the Aegean province of Denizli, have unearthed a 2,000-year-old olive oil mill. Professor Bahadır Duman of Pamukkale University's Archeology Department and Tripolis Excavation Committee noted, "This mill, which we can say is 2,000 years old, shows us that in the past this region was rich in olive cultivation."

The discovery of the ancient mill during the excavation of an agora (public square) in Tripolis has shed new light on the area's olive oil production history, which is believed to date back six millennia to prehistoric times. This finding underscores the cultural and historical importance of olive cultivation in the region.

Today, the tradition of olive oil production continues in the area. Memecik olives, a local variety, are still hand-harvested from expansive orchards spanning over 500 acres and processed within 6-8 hours to ensure quality.

This listing presents a unique opportunity for buyers interested in owning a piece of living history. The restored olive-oil factory stands as a testament to the enduring legacy of olive cultivation in southwest Turkey, offering a chance to live in a space that bridges ancient traditions with modern luxury.
In a remarkable fusion of history and modern luxury, a restored 19th-century olive-oil factory in the ancient city of Mugla, southwest Turkey, has hit the market for $1.77 million (13.5 million Turkish Lira). This unique property offers a rare opportunity to own a piece of Turkey's rich olive-producing heritage while enjoying the comforts of a contemporary eight-bedroom home.

The factory-turned-residence is situated in a rural section of Milas, a city steeped in history within Mugla Province. The region's olive cultivation tradition stretches back millennia, with recent archaeological discoveries shedding light on its significance. In the nearby ancient city of Tripolis, located in the Aegean province of Denizli, archaeologists have unearthed a 2,000-year-old olive oil mill, underscoring the area's longstanding connection to olive production.

Professor Bahadır Duman of Pamukkale University's Archeology Department and Tripolis Excavation Committee emphasized the historical importance of such finds, stating, "This mill, which we can say is 2,000 years old, shows us that in the past this region was rich in olive cultivation."

The property for sale stands as a testament to this enduring legacy. Heike Tanbay, managing director of Engel & Völkers Bodrum and the listing agent, noted the rarity of such a well-preserved structure, saying, "These old factories are mostly broken down and in disuse, so this is definitely an unusual property."

The restoration has carefully balanced the preservation of the building's industrial heritage with modern amenities, creating a spacious eight-bedroom home. The surrounding area still boasts active olive production, with Memecik olives hand-harvested from four orchards spanning over 500 acres and processed using traditional cool-pressing methods within 6-8 hours of picking.

This property offers not just a home, but a living connection to the region's ancient olive-producing tradition, making it a unique investment opportunity for those interested in both luxury real estate and historical preservation.
In a remarkable blend of history and luxury, a restored 19th-century olive-oil factory in the ancient city of Mugla, southwest Turkey, has hit the market for $1.77 million (equivalent to 13.5 million Turkish Lira). This unique property, nestled in the rural outskirts of Milas, offers a rare opportunity to own a piece of Turkey's rich olive-producing heritage.

The factory-turned-home boasts eight bedrooms, making it an ideal residence for those seeking ample space and a connection to the region's storied past. Heike Tanbay, managing director of Engel & Völkers Bodrum and the listing agent for this property, emphasizes its uniqueness, stating, "These old factories are mostly broken down and in disuse, so this is definitely an unusual property."

The significance of this olive-oil factory extends far beyond its architectural charm. It serves as a testament to the area's long-standing tradition of olive cultivation, which dates back millennia. Professor Bahadır Duman of Pamukkale University's Archeology Department and Tripolis Excavation Committee notes, "This mill, which we can say is 2,000 years old, shows us that in the past this region was rich in olive cultivation."

Recent archaeological discoveries in the region further underscore the historical importance of olive oil production in southwestern Turkey. In the nearby ancient city of Tripolis, located in the Aegean province of Denizli, archaeologists have unearthed a 2,000-year-old olive oil mill. This find is expected to provide valuable insights into the area's extensive olive history, which stretches back an impressive six millennia to prehistoric times.

The property's location in Mugla province places it at the heart of a region renowned for its high-quality olive production. The area is particularly known for its Memecik olives, which are hand-harvested from expansive orchards covering over 500 acres. These olives are typically processed within 6-8 hours of picking, ensuring the highest quality oil.

For potential buyers, this restored olive-oil factory offers a unique opportunity to own a piece of living history while enjoying modern comforts in a picturesque setting. The property stands as a bridge between Turkey's ancient olive-producing past and its present-day charm, making it a truly one-of-a-kind offering in the luxury real estate market.
In a remarkable blend of history and luxury, a restored 19th-century olive-oil factory in the ancient city of Mugla, southwest Turkey, has hit the market for $1.77 million (13.5 million Turkish Lira). This unique property offers a glimpse into the region's rich olive cultivation history while providing modern comforts.

The factory-turned-home boasts eight bedrooms and is situated in a rural section of Milas, a city steeped in antiquity. Its location in Mugla Province, on Turkey's southwestern coast, places it in an area renowned for olive production dating back millennia.

Heike Tanbay, managing director of Engel & Völkers Bodrum and the listing agent, emphasized the rarity of such a property, stating, "These old factories are mostly broken down and in disuse, so this is definitely an unusual property."

The significance of olive cultivation in this region has been further highlighted by recent archaeological discoveries. Professor Bahadır Duman of Pamukkale University's Archeology Department and Tripolis Excavation Committee noted the unearthing of a 2,000-year-old olive oil mill in the nearby ancient city of Tripolis. This find, located in Turkey's Aegean province of Denizli, is expected to provide valuable insights into the area's extensive olive history.

The restored factory stands as a testament to the enduring importance of olive oil production in the region. Today, the tradition continues with Memecik olives, which are hand-harvested from four orchards spanning over 500 acres and cold-pressed within 6-8 hours to maintain quality.

This property offers a unique opportunity to own a piece of history while enjoying modern amenities. It serves as a bridge between the ancient olive-producing traditions of southwest Turkey and contemporary luxury living, making it a truly one-of-a-kind offering in the real estate market.
##  Yellen and Bernanke Urge Congress for More Economic Relief, Warn of Long Road to Recovery

**Washington D.C.** - Former Federal Reserve Chairs Janet Yellen and Ben Bernanke issued a stark warning to lawmakers on Tuesday, urging them to enact further economic relief measures to mitigate the devastating impact of the COVID-19 pandemic. 

In a joint statement, the two economic heavyweights emphasized the need for continued support for struggling Americans and local governments, highlighting the potential for a prolonged economic downturn. 

"The enormous loss of revenue from the recession, together with the new responsibilities imposed by the pandemic, has placed immense strain on state and local governments," the statement read. "Without additional assistance, these vital institutions will face severe budget shortfalls, jeopardizing essential services and further exacerbating the economic crisis."

Yellen and Bernanke specifically called for an extension of enhanced unemployment benefits, which are set to expire soon, and additional aid to state and local governments. They argued that these measures are crucial to preventing a deeper and more protracted recession.

"While the Federal Reserve has taken significant steps to stabilize the financial system, these actions alone are insufficient to address the widespread economic hardship," the statement continued. "Congress must act decisively to provide the necessary support for individuals, families, and communities to weather this storm."

Their call for action comes amidst a growing divide in Congress over the scope and scale of further economic relief. Republicans have expressed concerns about the cost of additional spending, while Democrats have argued that it is essential to prevent a deeper recession and protect vulnerable Americans.

Yellen and Bernanke's intervention adds significant weight to the debate, underscoring the urgency of the situation and the potential long-term consequences of inaction. They warned that it could take years for unemployment to return to pre-pandemic levels, highlighting the need for sustained support and a comprehensive economic recovery plan.


The former Fed chairs' statement reflects the growing consensus among economists that the pandemic's economic fallout will be severe and long-lasting. Their call for action underscores the need for a bipartisan effort to address the crisis and ensure a robust recovery for all Americans. 
<end_of_turn>
##  Yellen and Bernanke Urge Congress for More Economic Relief, Warn of Long Road to Recovery

**Washington D.C.** - Former Federal Reserve Chairs Janet Yellen and Ben Bernanke issued a stark warning to lawmakers on Tuesday, urging them to enact further economic relief measures to mitigate the devastating impact of the COVID-19 pandemic.  

In a joint statement, the two economic heavyweights emphasized the need for continued support for struggling Americans and local governments, highlighting the potential for a prolonged economic downturn. 

"The enormous loss of revenue from the recession, together with the new responsibilities imposed by the pandemic, has placed an immense strain on state and local budgets," the statement read. "Without additional federal assistance, these vital services will be severely compromised, further hindering the recovery."

Yellen and Bernanke specifically called for an extension of enhanced unemployment benefits, which are set to expire soon, and additional funding for state and local governments facing budget shortfalls. 

"These measures are crucial to preventing a deeper and more protracted recession," they argued. "While the Federal Reserve has taken significant steps to stabilize the financial system, it cannot fully compensate for the economic hardship inflicted by the pandemic."

Their call for action comes as many Republicans in Congress have expressed reluctance to approve further spending, citing concerns about the national debt. However, Yellen and Bernanke stressed the importance of prioritizing the well-being of American citizens over short-term fiscal considerations.

"The cost of inaction far outweighs the cost of providing timely and targeted relief," they warned. "Delaying action will only prolong the economic pain and exacerbate the social and economic inequalities that have been exacerbated by the pandemic."

The former Fed chairs also cautioned that the road to full economic recovery will be long and arduous, predicting that unemployment may not return to pre-pandemic levels for several years. 

"The economic scars of this crisis will be deep and lasting," they stated. "It will take sustained effort and commitment from both the public and private sectors to rebuild our economy and ensure a more equitable and resilient future."


<end_of_turn>

##  Yellen and Bernanke Urge Congress for More Economic Relief, Warn of Long Road to Recovery

**Washington D.C.** - Former Federal Reserve Chairs Janet Yellen and Ben Bernanke issued a stark warning to lawmakers on Wednesday, urging them to enact further economic relief measures to mitigate the devastating impact of the COVID-19 pandemic.  The pair, who led the Fed through the 2008 financial crisis, stressed that the current economic downturn, while not yet a full-blown financial crisis, demands swift and decisive action.

"The enormous loss of revenue from the recession, together with the new responsibilities imposed by the pandemic, has placed immense strain on state and local governments," Yellen and Bernanke stated in a joint statement. "Without additional federal support, these vital institutions will face severe budget shortfalls, jeopardizing essential services and further exacerbating the economic crisis."

They specifically called for the extension of enhanced unemployment benefits, which are set to expire soon, and direct aid to state and local governments struggling to cope with the pandemic's financial fallout. These proposals, however, face significant opposition from Republicans in Congress who argue that further government spending will exacerbate the national debt.

"The Fed is doing what it can to support the economy," Yellen and Bernanke acknowledged, referencing the Federal Reserve's recent actions to inject liquidity into financial markets. "But monetary policy alone cannot fully address this crisis. We need a comprehensive fiscal response from Congress to ensure a robust and sustainable recovery."

The former Fed chairs also warned that the road to economic recovery will be long and arduous. "It will likely take years for unemployment to return to pre-pandemic levels," they cautioned. "Without targeted interventions, millions of Americans will face prolonged economic hardship."

Their call for action comes as the U.S. economy grapples with the highest unemployment rate since the Great Depression. Millions of Americans have lost their jobs, businesses are struggling to survive, and the overall economic outlook remains bleak.

Yellen and Bernanke's warning underscores the urgency of the situation and the need for bipartisan cooperation to find solutions that will help Americans weather this unprecedented economic storm. 


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## Yellen and Bernanke Urge Congress for More Economic Relief, Warn of Long Road to Recovery

**Washington D.C.** - Former Federal Reserve Chairs Janet Yellen and Ben Bernanke issued a stark warning to Congress on Tuesday, urging lawmakers to enact further economic relief measures to mitigate the devastating impact of the COVID-19 pandemic.  

In a joint statement, the two economic heavyweights emphasized the need for extended unemployment benefits and targeted assistance to struggling state and local governments. They highlighted that the economic fallout from the pandemic would be profound and long-lasting, with unemployment unlikely to return to pre-pandemic levels for years.

"The enormous loss of revenue from the recession, together with the new responsibilities imposed by the pandemic, has placed immense pressure on state and local budgets," the statement read.  "Without additional federal support, many communities will face severe fiscal challenges, potentially leading to cuts in essential services and further exacerbating the economic downturn."

Yellen and Bernanke's call for action comes as the economic recovery faces significant headwinds. While the Federal Reserve has taken aggressive steps to stabilize financial markets and provide liquidity, the two former chairs argue that further fiscal intervention is crucial to prevent a deeper and more protracted recession.

The former Fed chiefs acknowledged the progress made in strengthening the financial system since the 2008 crisis. However, they stressed that the current economic situation presents unique challenges.

"The pandemic has created a shock unlike anything we've seen before," Bernanke said in a recent interview. "The traditional tools of fiscal and monetary policy may not be sufficient to address the scale of this crisis."

Their plea for targeted assistance faces opposition from some Republicans who argue that further government spending will exacerbate the national debt. However, Yellen and Bernanke maintain that the cost of inaction would be far greater.

"Investing in our communities and workers now is not just the right thing to do, it's the smart thing to do," Yellen stated. "It's the only way to ensure a strong and sustainable recovery."


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##  Yellen and Bernanke Urge Congress for More Economic Relief: "It Will Take Years" to Recover

**Washington D.C.** -  Former Federal Reserve Chairs Janet Yellen and Ben Bernanke issued a stark warning to Congress on Tuesday, urging them to enact further economic relief measures to mitigate the devastating impact of the pandemic. In a joint statement, the two economic heavyweights stressed that the current recession, while potentially shorter than the 2008 financial crisis, will have long-lasting consequences, with unemployment levels not expected to return to pre-pandemic levels for years.

"The enormous loss of revenue from the recession, together with the new responsibilities imposed by the pandemic, has placed an unprecedented strain on state and local governments," the statement read. "Without additional federal assistance, many will face severe budget shortfalls, leading to cuts in essential services and further economic hardship."

Yellen and Bernanke specifically advocated for extending enhanced unemployment benefits, which are set to expire soon, and providing direct aid to states and local governments struggling to cope with the economic fallout.  They argued that these measures are crucial to prevent a deeper and more prolonged recession.

"The Federal Reserve has taken significant steps to stabilize the financial system," the statement acknowledged. "However, monetary policy alone cannot fully address the economic challenges we face. Fiscal policy plays a vital role in supporting demand and providing a safety net for those most affected by the crisis."

The call for further action comes amidst a growing debate in Congress, with Republicans expressing resistance to additional spending.  However, Yellen and Bernanke's  warnings carry significant weight, given their experience navigating previous economic crises.

"We believe that investing in the economy now will ultimately save money in the long run," the statement concluded. "By providing timely and targeted relief, we can help ensure a faster and more robust recovery, allowing the economy to rebound more quickly and create jobs for all Americans."


<end_of_turn>
Title: A Cautionary Tale: Lessons from the 2008 Crisis as the Pandemic Deepens

As the economic landscape continues to deteriorate, former Federal Reserve Chairs Ben Bernanke and Janet Yellen are sounding the alarm, urging Congress to take drastic measures to mitigate the devastating impact of the pandemic on the economy. In a recent op-ed published in The Financial Times, the duo highlighted the stark contrast between the current situation and the one that existed after the 2008 global financial crisis.

The good news, according to Bernanke and Yellen, is that significant work was done to strengthen the financial system in the aftermath of the 2008 crisis. However, they caution that this may not be enough to prevent a repeat of the same mistakes. The Fed's primary objective is to ensure that credit markets function smoothly, and the duo warns that the current economic picture is bleak, with a recession looming on the horizon.

The Fed's efforts to provide liquidity and stimulate economic growth have been underway for months, but Bernanke and Yellen argue that more needs to be done. They specifically point to the need to extend increased unemployment benefits and provide assistance to hard-hit states and local governments, a proposal that has been met with resistance from many Republicans.

The stakes are high, and the Fed is under pressure to act quickly to prevent a deep and prolonged recession. Bernanke and Yellen's warning is a stark reminder that the financial system is not yet out of the woods, and that further intervention may be necessary to prevent a catastrophic outcome.

The pandemic has imposed unprecedented economic burdens on the country, with widespread job losses, business closures, and a sharp decline in consumer spending. The economic losses are estimated to be in the trillions, and the impact on the financial system has been significant.

While the Fed has taken steps to mitigate the damage, Bernanke and Yellen's concerns are well-founded. The financial system is indeed showing signs of being stuck, and the lack of credit availability is exacerbating the problem. The duo's call for Congress to take action is a timely reminder that the government must do more to support the economy and prevent a deep and prolonged recession.

As the economic situation continues to deteriorate, it is essential that policymakers take a proactive approach to address the crisis. Bernanke and Yellen's warning is a wake-up call, and it is up to Congress to respond with the necessary measures to prevent a catastrophic outcome. The fate of the economy hangs in the balance, and the clock is ticking.

In a statement, a spokesperson for the Federal Reserve said, "We are closely monitoring the economic situation and will take all necessary steps to ensure the stability of the financial system. We urge Congress to take immediate action to address the economic crisis and prevent a deep and prolonged recession."

As the pandemic continues to ravage the economy, it is clear that the Fed's efforts will need to be amplified if the financial system is to recover. Bernanke and Yellen's warning is a stark reminder that the road ahead will be long and difficult, but with the right policies in place, it is possible to mitigate the damage and prevent a catastrophic outcome.

The future of the economy is uncertain, but one thing is clear: the Fed must act quickly to prevent a deep and prolonged recession. The clock is ticking, and it is up to Congress to respond with the necessary measures to support the economy and prevent a disaster.
## Former Fed Chairs Yellen and Bernanke Urge Congress for Further Economic Relief

**Washington, D.C.** - In a joint statement, former Federal Reserve Chairs Janet L. Yellen and Ben S. Bernanke have urged Congress to provide further economic relief measures, warning that the recovery from the COVID-19 pandemic will be long and arduous. They argue that while the financial system is currently stable, the economic fallout from the pandemic necessitates additional support to prevent a prolonged recession.

"The enormous loss of revenue from the recession, together with the new responsibilities imposed by the pandemic, has placed immense strain on state and local governments," the statement reads. "Extending increased unemployment benefits and providing assistance to these governments is crucial to prevent a deeper and more protracted economic downturn."

Yellen and Bernanke, both renowned economists, emphasize the importance of the Federal Reserve's role in ensuring credit availability. They acknowledge the significant steps taken by the Fed to stabilize the financial system, but argue that further action is needed to prevent a credit crunch.

"The Fed must make credit readily available to businesses and individuals," they state. "This will be essential to support the recovery and prevent a prolonged recession."

Their call for further economic relief comes amidst a growing chorus of economists and policymakers who believe that the initial stimulus measures, while necessary, are insufficient to address the full extent of the economic crisis. Many Republicans, however, remain opposed to additional spending, citing concerns about the national debt.

Yellen and Bernanke, who both served as Fed Chair during periods of economic turmoil, warn that the current situation is unprecedented and requires a robust response. They point to the 2008 financial crisis as a cautionary tale, emphasizing the importance of decisive action to prevent a prolonged recession.

"We learned from the 2008 crisis that early and decisive action is essential to prevent a deep and protracted recession," they write. "While the current situation is different, the lessons learned from that crisis remain relevant."

Their statement underscores the urgency of the situation and the need for a bipartisan approach to address the economic challenges posed by the pandemic. The coming months will be crucial in determining the trajectory of the recovery, and the decisions made by Congress and the Federal Reserve will have a profound impact on the lives of millions of Americans. 

## Former Fed Chairs Yellen and Bernanke Urge Congress for Further Economic Relief

**Washington, D.C.** - In a joint statement released today, former Federal Reserve Chairs Janet L. Yellen and Ben S. Bernanke urged Congress to take immediate action to provide further economic relief in the face of the ongoing pandemic. They argue that while the financial system is stronger than it was during the 2008 crisis, the economic fallout from COVID-19 will require significant government intervention to prevent a prolonged recession.

"The enormous loss of revenue from the recession, together with the new responsibilities imposed by the pandemic, has placed unprecedented strain on state and local governments," the statement reads. "Extending increased unemployment benefits and providing assistance to these struggling entities are crucial steps to mitigate the economic damage and ensure a swift recovery."

Yellen and Bernanke, who both served as chairs of the Federal Reserve during periods of economic turmoil, emphasize the importance of a robust response to the current crisis. They argue that while the Fed has taken significant steps to stabilize the financial system, more needs to be done to ensure credit remains readily available and that businesses and individuals have the resources they need to weather the storm.

"We believe that the Fed may need to go further in its efforts to support the economy," the statement continues. "This is not a financial crisis, but the economic consequences of the pandemic are severe and will require a coordinated effort from both the government and the central bank."

The former Fed chairs' call for additional relief comes as many Republicans in Congress oppose further spending measures. However, Yellen and Bernanke argue that inaction will only prolong the economic downturn and lead to a deeper and more protracted recession.

"The longer we wait to act, the more difficult it will be to recover," they warn. "We must act decisively now to prevent a prolonged period of economic hardship and ensure a strong and sustainable recovery."

The statement concludes with a call for bipartisanship and cooperation in addressing the economic challenges posed by the pandemic. "We urge Congress to come together and pass a comprehensive relief package that will provide the necessary support to our economy and our people," they write. "The time for partisan bickering is over. We must act now to protect our nation's future."

The former Fed chairs' statement is likely to add fuel to the ongoing debate in Washington over the need for further economic relief. With the unemployment rate remaining high and businesses struggling to stay afloat, the pressure on Congress to act is mounting. Whether lawmakers will heed Yellen and Bernanke's call for action remains to be seen.

## Former Fed Chairs Urge Congress for More Relief, Warning of Long Road to Recovery

**WASHINGTON** - In a joint call for further economic relief, former Federal Reserve Chairs Janet L. Yellen and Ben S. Bernanke have urged Congress to act swiftly, warning that the road to recovery from the pandemic will be long and arduous.  

"The enormous loss of revenue from the recession, together with the new responsibilities imposed by the pandemic, has left state and local governments facing a dire financial situation," the two economists wrote in a recent op-ed. "Extending increased unemployment benefits and providing assistance to these governments is crucial to preventing a deeper and longer recession."

Their call for action comes as the economic picture remains bleak. While the initial response by the Federal Reserve and Congress has helped to stabilize the financial system, Yellen and Bernanke argue that more needs to be done to prevent a prolonged downturn. They believe that the current recession, while potentially deep, could be relatively short if the government takes decisive action.

"The Fed has done a commendable job in making credit readily available," said Bernanke. "However, the ultimate burden lies with Congress to provide the necessary fiscal support."

The former Fed chairs' plea for further relief has been met with mixed reactions. While many Democrats have echoed their calls for additional stimulus, Republicans remain largely opposed to further spending. They argue that the initial relief packages have already been substantial and that more government intervention could be detrimental to the long-term health of the economy.

"The economy is showing signs of recovery," said Senator Mitch McConnell (R-KY). "We need to focus on reopening businesses and getting people back to work, not on throwing more money at the problem."

Despite the political divide, Yellen and Bernanke remain adamant that further action is necessary. They warn that without additional support, unemployment could remain high for years to come, and the economic recovery could be significantly delayed.

"We cannot afford to wait," said Yellen. "The longer we delay, the more difficult it will be to address the economic fallout of this pandemic."

The debate over further economic relief is likely to continue in the coming weeks as Congress grapples with the ongoing economic crisis. The decisions made in the coming months will have a profound impact on the trajectory of the U.S. economy for years to come. 

## Former Fed Chairs Urge Congress to Extend Relief, Warning of Long Road to Recovery

**Washington, D.C.** - Former Federal Reserve Chairs Janet Yellen and Ben Bernanke have issued a stark warning to Congress, urging lawmakers to extend economic relief measures and provide further assistance to states and local governments. The pair argue that without additional support, the economic recovery from the COVID-19 pandemic could be prolonged and painful, with unemployment remaining elevated for years to come.

In a joint statement, Yellen and Bernanke stressed the importance of providing continued support to those struggling with the economic fallout of the pandemic. They specifically highlighted the need to extend enhanced unemployment benefits and provide financial assistance to states and local governments facing unprecedented budget shortfalls. "The enormous loss of revenue from the recession, together with the new responsibilities imposed by the pandemic, has created a dire situation for many state and local governments," they wrote.

While acknowledging the progress made in stabilizing the financial system since the 2008 crisis, Yellen and Bernanke cautioned that the current situation presents unique challenges. "This is not a financial crisis in the traditional sense," they wrote, "but the economic consequences are nonetheless severe." They argued that the Fed's efforts to stimulate the economy may not be enough without additional fiscal support from Congress.

The former Fed chairs' call for further relief comes as a growing number of economists warn of a potential "double-dip" recession.  A recent analysis by the Congressional Budget Office projects that the unemployment rate could remain above 8% for the next two years.

"We believe that the Federal Reserve has taken necessary and appropriate steps to ensure the smooth functioning of credit markets," Yellen and Bernanke wrote. "However, without additional fiscal support, the recovery will be significantly slower and more painful."

Their statement comes as the Trump administration and Congress remain deadlocked on a new economic stimulus package. Republicans have expressed resistance to extending unemployment benefits and providing further aid to states and local governments. 

With the economic outlook uncertain and the potential for a prolonged recession looming, the pressure is mounting on lawmakers to act. The question now is whether Congress can overcome partisan divides and provide the necessary support to ensure a swift and sustainable economic recovery. 

## Former Fed Chairs Urge Congress for More Economic Relief, Warn of Long Road to Recovery

**Washington, D.C.** - In a joint plea to Congress, former Federal Reserve Chairs Ben Bernanke and Janet Yellen have urged lawmakers to provide further economic relief to mitigate the ongoing COVID-19 pandemic's impact.  The duo, who spearheaded the economic response to the 2008 financial crisis, warned that the road to recovery will be long and that unemployment may not reach pre-pandemic levels for years.

"The enormous loss of revenue from the recession, together with the new responsibilities imposed by the pandemic, has left many states and local governments facing severe budget shortfalls," stated Bernanke and Yellen in a joint statement. They argued that extending increased unemployment benefits and providing financial assistance to struggling states and local governments are critical measures to support the economy.

Their call for action comes amidst a growing concern that the economic crisis may be deeper and more protracted than previously anticipated. While acknowledging that the financial system is in a better position than it was during the 2008 crisis, both Bernanke and Yellen emphasized the need for swift and decisive action.

"The Fed is all about trying to make the credit markets work well," explained Bernanke, highlighting the importance of the Federal Reserve ensuring that credit remains readily available to businesses and consumers. He added that while the current crisis is not a financial crisis in the traditional sense, the economic downturn has the potential to cause significant strain on the financial system.

"It's not a financial crisis in the sense that we saw in 2008, but we need to be vigilant," added Yellen, stressing the importance of pro-active measures to prevent a deeper economic downturn. "We must make sure that credit continues to flow to businesses and consumers to avoid a protracted recession."

Their statement comes amidst increasing political polarization over the need for further economic relief. While Democrats have been pushing for a substantial stimulus package, many Republicans have expressed reservations about extending unemployment benefits and providing additional aid to states and local governments.

Bernanke and Yellen's plea for action serves as a stark reminder of the gravity of the economic situation and the need for bipartisan cooperation to avoid a prolonged and painful recession. With unemployment still high and many businesses struggling to survive, the pressure on lawmakers to deliver meaningful economic relief is mounting. The question remains whether Congress can overcome political divisions and deliver the necessary support to help the economy recover. 

Title: Former Fed Chairs Yellen and Bernanke Call for Further Economic Relief Amid Pandemic

In a joint op-ed published in the Financial Times, former Federal Reserve Chairs Janet L. Yellen and Ben S. Bernanke have urged Congress to take further action to provide economic relief to Americans affected by the COVID-19 pandemic. The two economists, who served as Fed chairs during the 2008 financial crisis, noted that while the financial system has been strengthened since then, the current crisis is not yet a financial one. However, they warned that the Fed may need to go further in its efforts to ensure that credit markets continue to function well.

Yellen and Bernanke pointed out that the economic picture is bleak, with unemployment levels still high and many businesses struggling to stay afloat. They called on Congress to extend increased unemployment benefits and provide assistance to hard-hit states and local governments, measures that many Republicans have opposed. In their view, such measures are necessary to ensure that the recession, while deep, is at least short-lived.

The former Fed chairs emphasized the importance of making credit readily available to businesses and households, a key role of the Fed. They noted that the Fed has already taken significant steps to support the economy, including cutting interest rates to near-zero and launching a series of lending programs. However, they argued that more needs to be done to ensure that credit markets continue to function smoothly.

Yellen and Bernanke also highlighted the enormous loss of revenue that state and local governments have experienced as a result of the pandemic. They noted that these governments have taken on new responsibilities in response to the crisis, such as providing healthcare and other essential services, and that they will need additional support to continue to do so.

In conclusion, Yellen and Bernanke called on lawmakers to take bold action to support the economy and ensure that the recovery is as swift and robust as possible. They argued that the lessons learned from the 2008 financial crisis can be applied to the current crisis, and that by working together, policymakers can help to mitigate the worst effects of the pandemic on the economy and on the American people.
Title: Former Fed Chairs Yellen and Bernanke Call for More Economic Relief Amid Pandemic

In a recent op-ed published in the Financial Times, former Federal Reserve chairs Janet L. Yellen and Ben S. Bernanke urged Congress to take further action to provide economic relief to Americans struggling amid the COVID-19 pandemic. The two former Fed leaders argued that it will take years before unemployment returns to pre-pandemic levels and that lawmakers must act now to prevent a deeper and longer-lasting recession.

Yellen and Bernanke pointed out that the financial system has been strengthened since the 2008 global financial crisis, but that the Fed may need to go further in its efforts to ensure credit markets remain stable. They noted that the Fed's actions so far have been effective, but that more must be done to make credit readily available to businesses and households.

The former Fed chairs called on Congress to extend increased unemployment benefits and provide assistance to hard-hit states and local governments, something that many Republicans have opposed. Yellen and Bernanke argued that without such measures, the recession may be deep and long-lasting, with potentially devastating consequences for the economy and the American people.

The two former Fed leaders also expressed concern about the enormous loss of revenue from the recession, which has been exacerbated by the pandemic. They noted that the new responsibilities imposed by the pandemic have added to the financial strain on state and local governments, making it even more critical that Congress take action to provide relief.

In conclusion, Yellen and Bernanke emphasized the importance of swift and decisive action to prevent a deeper and longer-lasting recession. They called on lawmakers to put aside partisan differences and work together to provide the necessary economic relief to Americans in need. As the former leaders of the Federal Reserve, they know better than most the potential consequences of inaction, and their warnings should not be taken lightly.
Title: Former Fed Chairs Yellen and Bernanke Call for Further Economic Relief Amid Pandemic

In a joint statement, former Federal Reserve chairs Janet L. Yellen and Ben S. Bernanke have urged lawmakers to provide further economic relief to the country, warning that it could take years before unemployment returns to pre-pandemic levels. The two former Fed chiefs have been vocal about the need for additional fiscal support, particularly in light of the bleak economic picture that has emerged in recent months.

In an op-ed published in the Financial Times last week, Yellen and Bernanke noted that the current crisis was not yet a financial crisis, but warned that the Federal Reserve may need to go further in its efforts to stabilize the economy. "The Fed is all about trying to make the credit markets work well," they wrote, adding that "based on our experience in the global financial crisis, we think the Fed may find it needs to go further."

With the economy in a state of flux, Yellen and Bernanke have called on Congress to take action to help the economy deal with the devastating effects of the pandemic. They have urged lawmakers to extend increased unemployment benefits and provide assistance to hard-hit states and local governments, measures that many Republicans have opposed.

In their op-ed, Yellen and Bernanke warned that failure to act could result in a deep and prolonged recession. "In that scenario, the recession may be deep, but at least it will have been short," they wrote. To avoid this outcome, they said, the Fed must make credit readily available.

Despite the challenges that lie ahead, Yellen and Bernanke expressed optimism that the financial system was better prepared to weather the storm than it was during the 2008 crisis. "After the 2008 crisis, we did a lot of work to try to strengthen the financial system," they wrote. However, they acknowledged that the pandemic had created new challenges for state and local governments, which have seen a massive loss of revenue and new responsibilities imposed by the crisis.

In conclusion, Yellen and Bernanke's call for further economic relief is a reminder of the ongoing challenges facing the country in the wake of the pandemic. With unemployment at historic levels and the economy in a state of flux, it is clear that the road to recovery will be a long and difficult one. However, by working together and taking decisive action, it is possible to mitigate the worst effects of the crisis and build a stronger, more resilient economy for the future.
Title: Former Fed Chairs Yellen and Bernanke Urge Lawmakers to Provide Further Economic Relief

In an open letter to Congress, two former Federal Reserve chairs, Janet L. Yellen and Ben S. Bernanke, have urged lawmakers to provide further economic relief to help the country deal with the devastating impact of the pandemic. The pair, who led the central bank through the 2008 financial crisis, pointed out that while the financial system has been strengthened since then, the current challenge is different.

"We are not facing a financial crisis, per se, but an economic crisis," Bernanke and Yellen wrote. "The pandemic has caused massive job losses and business closures, and it will take years before unemployment is back to pre-pandemic levels."

They argued that the current economic picture is bleak, and that Congress must act to help the economy recover. They suggested extending increased unemployment benefits, providing assistance to hard-hit states and local governments, and ensuring that credit is readily available.

The former Fed chairs acknowledged that many Republicans oppose providing aid to state and local governments, but they emphasized the importance of doing so. "The enormous loss of revenue from the recession, together with the new responsibilities imposed by the pandemic, has created a fiscal crisis for many state and local governments," they wrote.

They also suggested that the Fed may need to go further in its efforts to support the economy. "Based on our experience in the global financial crisis, we think the Fed may find it needs to go further," they wrote. "The Fed is all about trying to make the credit markets work well."

Despite the challenges, Bernanke and Yellen expressed optimism that the economy can recover if lawmakers take action. "In that scenario, the recession may be deep, but at least it will have been short," they wrote.

The former Fed chairs' call for further economic relief comes as the country struggles to contain the spread of the virus and reopen the economy. While some parts of the country have seen a decline in cases, others are still seeing record-high numbers of infections and hospitalizations.

As the pandemic continues to wreak havoc on the economy, Yellen and Bernanke's message to lawmakers is clear: the time to act is now.
In a joint statement, two former Federal Reserve chairs, Janet L. Yellen and Ben S. Bernanke, have urged Congress to provide further economic relief to the American people. The two ex-chairs stated that it would take years for unemployment levels to return to pre-pandemic levels, adding that Congress should act swiftly to provide additional assistance.

Yellen and Bernanke, in an op-ed in the Financial Times, wrote that "after the 2008 crisis, we did a lot of work to try to strengthen the financial system" and that this meant that "this was not yet a financial crisis." However, they also stated that "based on our experience in the global financial crisis, we think the Fed may find it needs to go further."

The economic damage caused by the pandemic has been extensive, and Yellen and Bernanke have urged Congress to provide additional help to the economy. They have called for Congress to extend increased unemployment benefits and provide assistance to hard-hit states and local governments, something many Republicans have opposed. They have also stated that "the way things are moving, and the actions that the Federal Reserve has taken, make credit readily available."

Yellen and Bernanke's concerns are not unfounded. The economic picture is bleak, with the unemployment rate still high and many businesses struggling to stay afloat. They have emphasized that "the enormous loss of revenue from the recession, together with the new responsibilities imposed by the pandemic," has made it difficult for many states and local governments to provide essential services.

Yellen and Bernanke's call for further economic relief is well-founded. The pandemic has caused immense damage to the economy, and it will take a concerted effort to recover. The Federal Reserve has taken steps to provide additional credit, but more must be done to ensure that businesses and individuals are able to access the support they need. The American people cannot afford to wait for Congress to act; action must be taken now.
**Former Fed Chairs Yellen and Bernanke Urge Lawmakers to Provide Further Economic Relief**

In a stark warning, two former Federal Reserve chairs, Janet L. Yellen and Ben S. Bernanke, are calling on lawmakers to take immediate action to provide further economic relief to mitigate the devastating impact of the pandemic. The duo, who have a deep understanding of the inner workings of the US economy, are urging Congress to extend increased unemployment benefits and provide assistance to hard-hit states and local governments.

Speaking in a recent interview, Bernanke and Yellen emphasized that the economic picture remains bleak, with unemployment rates expected to take years to return to pre-pandemic levels. They warned that without additional support, the recession could be deep and prolonged, causing irreparable damage to the economy.

"The enormous loss of revenue from the recession, together with the new responsibilities imposed by the pandemic, has put a huge strain on state and local governments," Yellen said. "They need help to continue providing essential services, such as healthcare and education, and to support their local economies."

Bernanke added, "The Fed has taken significant steps to stabilize the financial system, but we need Congress to do its part to support the economy. This includes extending unemployment benefits, which are set to expire soon, and providing assistance to states and local governments."

The former Fed chairs also emphasized the importance of making credit readily available to businesses and individuals. "The Fed must ensure that credit markets are functioning properly, so that businesses can access the capital they need to stay afloat and invest in their future," Bernanke said.

Yellen and Bernanke's warnings come as the US economy continues to struggle, with millions of Americans still out of work and businesses struggling to stay afloat. While the Federal Reserve has taken steps to stabilize the financial system, including cutting interest rates and implementing quantitative easing, the duo believes that more needs to be done to support the economy.

Their calls for action are likely to be met with resistance from some lawmakers, particularly Republicans, who have expressed concerns about the growing national debt and the potential for inflation. However, Yellen and Bernanke argue that the risks of inaction far outweigh the risks of taking bold action to support the economy.

"We did a lot of work to strengthen the financial system after the 2008 crisis, and we're seeing the benefits of that work now," Bernanke said. "But we need to take further action to ensure that the economy can recover quickly and sustainably."

Yellen added, "The alternative is a prolonged recession, with all the human suffering and economic damage that comes with it. We can't afford to wait and see what happens. We need to take action now to support the economy and ensure a strong recovery."

As the US economy continues to navigate the challenges posed by the pandemic, the warnings from Yellen and Bernanke serve as a stark reminder of the need for bold action to support the economy. With their expertise and experience, their calls for action should not be ignored.
**Former Fed Chairs Yellen and Bernanke Urge Lawmakers to Provide Further Economic Relief**

In a stark warning, two former Federal Reserve chairs, Janet L. Yellen and Ben S. Bernanke, are calling on lawmakers to take immediate action to provide further economic relief to mitigate the devastating impact of the pandemic. The duo, who have both played a crucial role in shaping the country's monetary policy, emphasized that the economic picture is bleak and that it would take years for unemployment to return to pre-pandemic levels.

Speaking in a joint statement, Yellen and Bernanke urged Congress to extend increased unemployment benefits and provide assistance to hard-hit states and local governments, measures that have been met with resistance from many Republicans. The former Fed chairs argued that these measures are essential to prevent a deep and prolonged recession.

"We did a lot of work to try to strengthen the financial system after the 2008 crisis," Bernanke said. "But the enormous loss of revenue from the recession, together with the new responsibilities imposed by the pandemic, has left many states and local governments facing significant challenges. We need to act now to support them."

Yellen added, "The Fed has taken significant steps to stabilize the financial system, but more needs to be done. We need to ensure that credit is readily available to households and businesses, and that we are supporting those who have been most affected by the pandemic."

The former Fed chairs' warning comes as the country grapples with the economic fallout of the pandemic. The unemployment rate has skyrocketed, and many businesses have been forced to shut down or significantly reduce operations. The economic picture is likely to remain bleak for some time, with Yellen and Bernanke warning that it could take years for unemployment to return to pre-pandemic levels.

The call for further economic relief is not without controversy, however. Many Republicans have expressed concerns about the cost of such measures and the potential impact on the national debt. However, Yellen and Bernanke argue that the cost of inaction would be far greater, leading to a prolonged recession and long-term damage to the economy.

"The recession may be deep, but at least it will have been short," Bernanke said. "But if we don't take action now, the consequences will be severe and long-lasting. We need to act now to support the economy and ensure a swift recovery."

The former Fed chairs' warning is a stark reminder of the challenges facing the country and the need for swift and decisive action to address the economic crisis. As lawmakers consider their next move, the words of Yellen and Bernanke serve as a timely reminder of the importance of taking bold action to support the economy and mitigate the impact of the pandemic.
**Economic Relief Urged by Former Fed Chairs as Unemployment Recovery Expected to Take Years**

In a stark warning to lawmakers, two former Federal Reserve chairs, Janet L. Yellen and Ben S. Bernanke, are calling for further economic relief measures to mitigate the devastating impact of the pandemic on the US economy. The duo, who have a deep understanding of the financial system, cautioned that it may take years for unemployment rates to return to pre-pandemic levels, emphasizing the need for sustained support from Congress.

In a recent op-ed piece published in the Financial Times, Yellen and Bernanke highlighted the importance of extending increased unemployment benefits and providing assistance to hard-hit states and local governments. These measures, they argued, are crucial in preventing a deep and prolonged recession. However, many Republicans have expressed opposition to such proposals, citing concerns about the growing national debt.

According to Bernanke, the Federal Reserve has taken significant steps to stabilize the financial system, including cutting interest rates and implementing quantitative easing measures. However, he emphasized that the Fed's efforts alone may not be enough to prevent a severe economic downturn. "The Fed is all about trying to make the credit markets work well," Bernanke said. "But we need Congress to do more to support the economy, particularly in terms of providing fiscal relief to states and local governments."

Yellen echoed Bernanke's sentiments, noting that the economic picture remains bleak. "The enormous loss of revenue from the recession, together with the new responsibilities imposed by the pandemic, has put a huge strain on state and local governments," she said. "If we don't provide them with the necessary support, we risk exacerbating the economic downturn and prolonging the recovery."

The former Fed chairs pointed to the 2008 financial crisis as a precedent for the effectiveness of sustained economic support. "After the 2008 crisis, we did a lot of work to try to strengthen the financial system," Bernanke said. "But we also recognized the need for fiscal support to help the economy recover. We're in a similar situation now, and we need Congress to take action to prevent a deep and prolonged recession."

Yellen and Bernanke's warnings come as the US economy continues to grapple with the fallout from the pandemic. Unemployment rates remain high, and many businesses are struggling to stay afloat. While the Fed's actions have helped to stabilize the financial system, the former chairs argue that more needs to be done to support the broader economy.

In their op-ed piece, Yellen and Bernanke outlined a number of specific measures that Congress could take to support the economy, including extending increased unemployment benefits, providing assistance to hard-hit states and local governments, and investing in infrastructure projects. They also emphasized the need for policymakers to take a long-term view, recognizing that the recovery from the pandemic will likely take years.

As the economic outlook remains uncertain, Yellen and Bernanke's warnings serve as a reminder of the need for sustained support from policymakers. With the fate of the US economy hanging in the balance, lawmakers would do well to heed the advice of these two experienced economic leaders.
**Former Fed Chairs Yellen and Bernanke Urge Lawmakers to Provide Further Economic Relief**

In a stern warning to lawmakers, two former Federal Reserve Chairs, Janet L. Yellen and Ben S. Bernanke, have sounded the alarm on the state of the US economy, urging Congress to take immediate action to provide further relief to mitigate the devastating impact of the pandemic. Speaking as the country grapples with soaring unemployment and a bleak economic outlook, the duo emphasized that it would take years for the job market to recover to pre-pandemic levels.

In a recent joint op-ed in the Financial Times, Yellen and Bernanke argued that while the Federal Reserve has taken significant steps to stabilize the financial system, more needs to be done to address the pandemic's economic fallout. They called on lawmakers to extend increased unemployment benefits, provide assistance to hard-hit states and local governments, and ensure that credit remains readily available to households and businesses.

The former Fed Chairs, who have a deep understanding of the intricacies of the US economy, pointed out that the pandemic has caused an unprecedented disruption to the global economy, with the US being no exception. "The enormous loss of revenue from the recession, together with the new responsibilities imposed by the pandemic, has put a significant strain on state and local governments," they wrote.

Yellen and Bernanke, who have been vocal about the need for a more comprehensive response to the pandemic, warned that without further action, the economic recovery could be slow and painful. "In that scenario, the recession may be deep, but at least it will have been short," they said. However, if the Fed fails to take adequate measures to support the economy, the consequences could be severe and long-lasting.

The call to action from the two former Fed Chairs comes as lawmakers remain divided on the best course of action to address the pandemic's economic impact. Many Republicans have expressed concerns about the cost of providing additional relief, while Democrats have pushed for a more comprehensive package to support struggling Americans.

In an interview, Bernanke acknowledged that the Fed has taken significant steps to stabilize the financial system, but emphasized that more needs to be done. "After the 2008 crisis, we did a lot of work to try to strengthen the financial system," he said. "But the pandemic has presented a unique set of challenges that require a coordinated response from policymakers."

Yellen, who served as Fed Chair from 2014 to 2018, echoed Bernanke's sentiments, emphasizing the need for a sustained effort to support the economy. "The Fed has done a lot to make credit available, but we need to ensure that it reaches the households and businesses that need it most," she said.

As the country struggles to come to terms with the pandemic's economic impact, the warnings from Yellen and Bernanke serve as a stark reminder of the need for swift and decisive action. With the economic picture bleak and unemployment levels soaring, lawmakers must put aside their differences and work towards a comprehensive solution to support the millions of Americans affected by the pandemic.
**Former Fed Chairs Yellen and Bernanke Urge Lawmakers to Pass Further Economic Relief as Unemployment Recovery Lags**

In a stark warning about the US economy's prospects, two former Federal Reserve chairs, Janet L. Yellen and Ben S. Bernanke, are pushing lawmakers to pass additional economic relief measures to mitigate the devastating impact of the pandemic. Despite the Fed's efforts to stabilize the financial system, the two economists emphasized that it will take years for unemployment to return to pre-pandemic levels.

Speaking recently, Bernanke and Yellen, who have been vocal about the need for more fiscal support, urged Congress to extend increased unemployment benefits and provide assistance to hard-hit states and local governments. Many Republicans have expressed opposition to such measures, but the former Fed chairs argue that they are essential to preventing a protracted economic downturn.

"The enormous loss of revenue from the recession, together with the new responsibilities imposed by the pandemic, has placed an unsustainable burden on state and local governments," Yellen and Bernanke said in a joint statement. "Without additional support, these governments will be forced to cut crucial services, leading to even higher unemployment and deeper economic pain."

The two economists, who have a deep understanding of the financial system, pointed out that the current crisis is different from the 2008 global financial crisis. While the financial system is stronger now, thanks to reforms implemented after the last crisis, the pandemic's impact on the economy is more profound.

"After the 2008 crisis, we did a lot of work to try to strengthen the financial system," Bernanke said. "But this crisis is more about the real economy, and the Fed can only do so much to support it. We need fiscal policy to step in and provide the necessary stimulus."

Yellen added, "The Fed has taken significant steps to stabilize the financial system, but it's not enough. We need Congress to act quickly to provide additional support to households, businesses, and state and local governments."

The former Fed chairs' warnings come as the economic picture remains bleak. The job market is still reeling from the pandemic, with millions of Americans out of work. While the Fed has taken steps to make credit more available, Bernanke and Yellen argue that more needs to be done to ensure a speedy recovery.

"If Congress does not act, the recession may be deep, but at least it will have been short," Bernanke said. "But if we don't get fiscal policy right, the recovery could be slow and painful, with unemployment remaining high for years to come."

As lawmakers weigh their options, Bernanke and Yellen's warnings serve as a stark reminder of the urgent need for further economic relief. With the fate of the US economy hanging in the balance, the former Fed chairs' expertise and guidance could prove indispensable in shaping the country's response to the pandemic.