While there is no knowing whether or not we’ve seen a recession until it has passed, some economists are predicting dire things. And yesterday, in his testimony to Congress, Ben Bernanke admitted that a US recession is possible.

Of course, he was optimistic as well, predicting growth in the 2nd half of 2008, and talking about a "sustainable pace" of growth in 2009. Any US recession, by these standards, would be happening right now and be over by the end of the year.

Do you think Ben Bernanke is right?