Economy 20 October 2010 Quote for the day Chairman of the US Federal Reserve <em>v</em> George Osborne. Print HTML Economic conditions provide little scope for reducing deficits significantly further over the next year or two; indeed, premature fiscal tightening could put the recovery at risk. Those were the words of Ben Bernanke, chairman of the US Federal Reserve, in a speech on 4 October. Bernanke is no dove on the deficit; he also happens to be one of the pre-eminent scholars of the Great Depression. It might be worth remembering these words when George Osborne refers to the Labour front bench as a load of "deficit deniers" in about an hour's time. › Spending Review – live blog Mehdi Hasan is a contributing writer for the New Statesman and the co-author of Ed: The Milibands and the Making of a Labour Leader. He was the New Statesman's senior editor (politics) from 2009-12. Subscribe More Related articles What's to be done about racial inequality? Ignore the spin - social housing is still under threat from the Conservatives Who benefits, and who loses out, from David Cameron’s housing plan?