Five years ago today, Bernanke spoke in rosy terms about US economic growth — no mention of 5-years of economic heartbreak.
The WSJ has the details of his testimony on July 17, 2007.
Overall, the U.S. economy appears likely to expand at a moderate pace over the second half of 2007 with growth then strengthening a bit in 2008 to a rate close to the economy’s underlying trend.