Wednesday, March 18, 2009

Ben Bernanke on 60 Minutes

Loads of good stuff this week. Ben Bernanke appeared on 60 Minutes (Scott Pelley interviewing), saying that things should begin to level off by the end of the year. Happily, Bernanke does not think we are headed to another Great Depression. That said, the wealth of American families fell 18% in 2008. A tad depressing for sure. Let's hope that Bernanke is right about the fix.

Part I:

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Part II:

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Bernanke said the key to success is confidence. He thinks progress is being made in the area and that confidence will come in time leading to recovery. One early sign of recovery Bernanke is looking for is a large bank raising private equity. Not there yet. Bernanke's final words:
“I just have every confidence that as we get through this crisis, that our economy will begin to grow again, and it will remain -- the most powerful and dynamic economy in the world.”
Not a lot of substance to the interview, but the whole idea of interviewing the Federal Reserve Chairman is unprecedented. That said, a good interview by Pelley and worth the time to watch.


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