Bernanke & Co. on tap

Remember what gentle Ben said a couple weeks ago?

Despite the unwelcome rise in the unemployment rate that was reported last week, the recent incoming data, taken as a whole, have affected the outlook for economic activity and employment only modestly. Indeed, although activity during the current quarter is likely to be weak, the risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.
http://www.federalreserve.gov/newsevents/speech/bernanke20080609a.htm

"Appears to have diminished" will soon be in Bernanke's lexicon along with "sub-prime seems to be contained."