Federal Reserve Chairman Ben Bernanke spoke in front of the Senate yesterday, dropping this juicy little tidbit: “The U.S. recession MAY be over in 2009…”

Furthermore: “We can see a 2010 recovery ‘only if’ markets and banks stabilize.”

So does that mean our Tame the Bear “recess from the recession” is over before it began? While I really liked recess — but not as much as eating the art paste in 2nd grade — methinks we’re not quite in the economic clear.

Since April 24, 2007, the Dow Jones has lost nearly 6000 points from 13060 to 7350, as of yesterday. The S&P 500 has gone from 1883 to 773, as of yesterday.

If the stock market could speak of the last year, it’d likely mirror what Chevy Chase’s character said whilst getting a rectal exam in the movie Fletch: “Ya using the whole fist, doc?”

Some quotes from former Treasury Secretary Hank Paulson and Federal Reserve chair Ben Bernanke, from that same period of time:

“At this juncture… the impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained.” — Ben Bernanke

“I don’t see (subprime mortgage market troubles) imposing a serious problem. I think it’s going to be largely contained.” — Hank Paulson

(note: Props to my boys Kevin and Todd over at www.Minyanville.com for those quotes/factoids)

Umm, Ben and Hank… not so much.

Am I playing Monday Morning Quarterback in pointing out these errant “calls”?

No.

Am I being a complete narcissist by asking myself, then answering my own question?

(smile)

Although I disagree with many of the policies currently being enacted, and, really, question the Federal Reserve’s right to even exist, I am sure our Fed Chairman and former Treasury Secreatary are operating out of their highest level of awareness possible.

The point is that they, too, are human, and thus, are fallible, and “experts” that they are, do not know everything, nor have a crystal ball.

Taking personal responsibility for our own finances includes educating oneself as much as possible, seeking out a diversity of opinions, and examining what the talking heads might serve us as ‘truth’.

And, at the end of the day, it means owning up to our choices.

(”But honey, I had to get the $300 shoes, they were 70 percent off!”)

I had 2 ventures either downsize/go out of business over the past couple years. I don’t “blame” the economy. Instead, I study where my risk model was off, and see if I can turn that ‘mistake’ into a lesson.

How does all that translate?

We all have the power of choice. To choose a different way. Not happy with your bank? Choose a different one. In a shitty relationship? Leave. Think your ass looks fat in those pants? Lay off the cheese fries. Pissed off at the politicians? Get involved. Want a better world? Be it.

And if after all that, you still feel as useful as a one-legged man in an ass-kicking contest, I’ll be here with a tub of art paste for ya.