Transcript: Diane Sawyer Sits Down with Federal Reserve Chairman Ben Bernanke

Share
Copy

CHAIRMAN BERNANKE: Well, I think so. I-- I really-- I really do believe that. The-- we have the strongest economy in the world. We have tremendous assets-- great universities and-- and research. We have-- a large and diverse economy with a very skilled workforce-- lots of entrepreneurship-- strong capital markets, everything you need to have-- have growth. We have a lot of problems. We've got education issues, we've got health issues, we've got-- fiscal policy issues. But we had those before the crisis. And I-- I think that-- our economy's gonna recover and-- and c-- and continue to grow and be-- a world leader. But we've got a lot of challenges, and there's no-- there's no covering up that fact.

DIANE SAWYER: How will you know-- how will we know when you believe the economy has passed all the thin ice?

CHAIRMAN BERNANKE: Well, you'll be able to tell by what-- what I say. Again at this point-- I'm encouraged, but still cautious. As-- as things-- continue to improve, if they improve at the rate I hope that they will-- we'll obviously-- change our forecasts-- and-- communicate that we think that things are normalizing.

DIANE SAWYER: And at this point you still feel-- feel the unemployment situation is cyclical and not structural and-- and spiraling in some China syndrome spiral?

CHAIRMAN BERNANKE: Well, all of these factors that people point to-- about-- you know, globalization and off-shoring and all those things, in the first place those things were all working before the-- the crisis and we had unemployment that was much lower than we have today. And then-- and then secondly, you know-- there's actually been some tendency to reverse off-shoring, to do on-shoring-- lot of jobs-- that have gone to China are-- have actually started to come back. And the U.S. is very competitive, and-- so I have some hopes that-- you know, that in fact-- we'll see more job growth coming from-- changes in where-- firms decide to produce.

DIANE SAWYER: Thank you so much, Mr. Chairman.

CHAIRMAN BERNANKE: Thank you.

DIANE SAWYER: Great to have the chance to talk to you.

Note: This transcript has been edited for clarity and brevity.

Page
Join the Discussion
You are using an outdated version of Internet Explorer. Please click here to upgrade your browser in order to comment.
blog comments powered by Disqus
 
You Might Also Like...