Recession to end in 2009?
Yesterday on "60 Minutes" Federal Reserve Chairman Ben Bernanke went out on a limb and predicted that the economy here in America will edge out of the current recession by the end of 2009 and begin to rebuild itself over the course of 2010. This was a pretty monumental statement because reserve chairmen rarely give interviews at all. So much rides on every word they say, it's usually not a good idea to have a back-and-forth with a savvy interviewer.
Bernanke was wisely measured in his words and didn't make any guarantees, but feels the plan is in place to right the ship and with the support of lawmakers and the American people, things will begin to shift toward a more "normal" state by the end of '09. He also offered a rare peak inside the headquarters of the Federal Reserve, an institution that's still largely a mystery to most people. See more »