90 at 9: Bernanke says recession over, but US loans falling more than depression; Wanaka resort in receivership

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Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including US Federal Reserve Chairman Ben Bernanke saying the US recession was very likely to be technically over, but any recovery will be slow, Bloomberg reported. However, US retail sales rose a surprise 2.7% in August, thanks partly to 'Cash for clunkers' car sales, Reuters reported. Meanwhile, US lending fell at an annualised rate of 14% in the three months to August. This was the fastest rate of credit withdrawal since the 1930s, the Telegraph reported. Is this a deflation spiral? Back in New Zealand, Wanaka's largest resort has been put into receivership. The Oakridge resort has restaurants, a gym, pool and conference centre, along with 173 rooms. This will be keep going, but plans for 48 villas on 25 hectares nearby are on hold while the receiver decides what to do, The Southland Times reported. The financier is South Canterbury Finance. This is another blow for the struggling South Island finance company.