You are here:HomeNews CenterInsurance News2009Fed Chairman Bernanke: Recession Will Probably End This Year

Fed Chairman Bernanke: Recession Will Probably End This Year

Federal Reserve Chairman Ben Bernanke, in a rare media interview, declared that "we'll see the recession coming to an end probably this year" and that...
March 17, 2009

Federal Reserve Chairman Ben Bernanke, in a rare media interview, declared that "we'll see the recession coming to an end probably this year" and that the country will begin to recover next year - "and it will pick up steam over time."

Speaking Sunday night on CBS's "60 Minutes," Bernanke said that the economy's problems should begin to stabilize this year. But he added that recovery, however, is dependent on having the backing of lawmakers and the public. Bernanke was confident in the long-term outlook for the U.S. economy, argued strongly that bailouts of financial firms are essential to protect ordinary Americans, and voiced some populist outrage at the actions of financiers who got the nation into its current mess. Speaking with CBS correspondent Scott Pelly in downtown Dillon, South Carolina, where he grew up, Bernanke emphasized that he comes from a small town where his father owned a drugstore on Main Street - and that he never worked on Wall Street.

"I come from Main Street," Bernanke told Pelley, sitting on a park bench on Main Street in Dillon. "That's my background. And I've never been on Wall Street. And I care about Wall Street for one reason and one reason only -- because what happens on Wall Street matters to Main Street. And if we don't have stabilization in the financial markets, if we don't take the steps necessary to make sure that credit is flowing again, then my father couldn't get a loan to build his new store."

Bernanke Gives Rare TV Interview (Washington Post 3/16/09)