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Future bright for US recovery: Fed chairman

Staff Reporter 1 minute read

The US economy will recover next year, US Federal Reserve chairman Ben Bernanke announced in a direct address to the American people on the CBS 60 Minutes program.

Mr Bernake said he had every confidence “this economy will recover, and recover in a strong and sustained way”, and that the Federal Reserve was doing everything it could to aid in its recovery.

According to Mr Bernake, the economy’s recovery is reliant in “stabilised” financial markets and banks, and was critical of excessive Wall Street greed and over excess – in particular the need for the government to bail out major institutions like the American International Group.

“I understand why the American people are angry. It’s absolutely unfair that taxpayer dollars are going to prop up a company that made these terrible debts," he said.

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Future bright for US recovery: Fed chairman
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