Ben Bernanke announces this morning that the "recession is likely technically over"

Can Ben Bernanke speak still move markets?

Ben Bernanke held a press conference this morning.  Included in his remarks in responses to questions, Bernanke said that the "recession is likely technically over." What does this mean?

"In a 1975 New York Times article, economic statistician Julius Shiskin suggested several rules of thumb for identifying a recession, one of which was "two down quarters of GDP". In time, the other rules of thumb were forgotten, and a recession is now often defined simply as a period when GDP falls (negative real economic growth) for at least two quarters. Some economists prefer a definition of a 1.5% rise in unemployment within 12 months.In the United States the Business Cycle Dating Committee of the National Bureau of Economic Research (NBER) is generally seen as the authority for dating US recessions. The NBER defines an economic recession as: "a significant decline in [the] economic activity spread across the country, lasting more than a few months, normally visible in real GDP growth, real personal income, employment (non-farm payrolls), industrial production, and wholesale-retail sales. Almost universally, academics, economists, policy makers, and businesses defer to the determination by the NBER for the precise dating of a recession's onset and end."

So, if all of the above conditions were met, and no one can dispute that the conditions were more than met, we indeed have been in a recession. (I know, talk about an understatement).  But how is the end of the recession called? Do we need two quarters of economic growth? While analysts, economists, and financial experts are all anxious to call the end to this recession, do the facts support this claim? Let’s look at the facts as we know them right now:

1. Unemployment numbers are slowing, but a return to employment growth is not forecast, even for 2010. It is predicted that growth in employment will be very slow.
2. Retails sales numbers reported this morning are up slightly.
3. Some lending has loosened, (auto loans are now available), but other credit still remains tight to non-existent. Pundits everywhere are still predicting an onslaught of commercial property foreclosures due to the extreme drop in values of that property, which will make refinancing those loans almost impossible.
4. The Feds and the Treasury are announcing pull backs in stimulus and bailouts beginning next month.
5. 90 banks have failed this year alone, with a prediction of another 400 banks on the brink of failure.
6. Home sales are up, but these are low end houses, and is not an across the board rise in sales.

So, is the recession technically over? Why don’t we use the reverse definition of the start of a recession? If we were to use that definition, we have not yet had two consecutive quarters of “growth” and it is too early to say the recession is over. However, recessions can never be called, one way or the other, until after the fact.
I prefer to remain optimistic. As I’ve said before, emotions play a huge part in economic cycles. If the American public really starts to believe this recession is over, it will end. The fear will subside, people will start to spend, start to get off the fence and purchase homes and electronics, and other durable and non-durable goods. In turn, this increased spending will lead to some level of economic growth,businesses will begin to hire again, and yes, the forecast will become reality. Fear begets more fear, and optimism grows too.

So far, Wall Street is hardly reacting to the Ben Bernanke announcement this morning.  The stock market is flat this morning, trading within a very narrow range.  Gold has again moved above $1000/ounce, but surprisingly food businesses are reporting lower sales numbers as food prices have been dropping recently. 
What do you think?  Is this recession over "technically?"

Shelby