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Federal Reserve Chairman Ben S. Bernanke warned that a fiscal stimulus won’t be enough to spur an economic recovery and that the government may need to buy or guarantee banks’ tainted assets to revive growth.

“Fiscal actions are unlikely to promote a lasting recovery unless they are accompanied by strong measures to further stabilize and strengthen the financial system,” Bernanke said in a speech today at the London School of Economics. “More capital injections and guarantees may become necessary to ensure stability and the normalization of credit markets.”

The Standard & Poor’s 500 Index rose 0.5 percent to 874.67 at 11:54 a.m. in New York, with stocks drifting between gains and losses as a rebound in oil prices lifted energy producers and offset concern the profit slump is worsening.

Obama asked President George W. Bush yesterday to inform Congress of the intent to release the second half of the $700 billion bailout fund. Lawrence Summers, the incoming White House economic director, pledged changes in how the TARP will be used, without offering specifics in a letter to congressional leaders.

There was a great documentary about the state of the economy that was just released. It summarized the state of our nation and just how bad the situation is. For those of you that would like to check it out there is a 30 minute short version on this website: