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Fed Chairman Believes Recession Will End by Year End

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money-webBen Bernanke sits down for rare interview with CBSNews’ 60 Minutes, discusses, banks, unemployment, American’s frustrations over bailout money, and how we will avoid the next Great Depression

RISMEDIA, March 17, 2009-In a rare interview with Ben Bernanke this past Sunday on CBS News’ 60 Minutes, the Fed Chairman said he sees the recession ending by the end of this year. When asked by 60 Minutes Corresponded Scott Pelley, “”Mr. Chairman, I’m gonna start with a question that everyone wants me to ask: when does this end?” Bernanke said:

“It depends a lot on the financial system,” he replied. “The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis. We’ve seen some progress in the financial markets, absolutely. But until we get that stabilized and working normally, we’re not gonna see recovery. But we do have a plan. We’re working on it. And I do think that we will get it stabilized, and we’ll see the recession coming to an end probably this year. We’ll see recovery beginning next year. And it will pick up steam over time.”

If you missed the report, click here to watch the interview.

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