The US economy may have avoided a major decline, US Federal Reserve Chairman Ben Bernanke has said.

Mr Bernanke said the risk of a substantial downturn had “diminished over the past month or so”.

Playing down recent unemployment rises, he said a series of interest rate reductions combined with tax cuts was helping the US offset its difficulties.

Read the full story: Danger of US downturn ‘has faded’

If you’ve been following the U.S. financial situation lately, you’ll see a lot of bad karma (i.e., subprime loans) coming back to bite the asses of the big corporations that profited from them. With Federal Reserve Chairman Ben Bernake trying to bail these companies out, others are suggesting maybe Ben is the one who should bail:

Federal Reserve Chairman Ben Bernanke should resign and the Fed should be abolished as a way to boost the falling dollar and speed up the recovery of the U.S. economy, investor Jim Rogers, CEO of Rogers Holdings, told CNBC Europe Wednesday. Read more