WASHINGTON, DC — In an interview with CNN's own Larry King, Federal Reserve Chairman Ben Bernanke declared Friday that the U.S. economy is on the verge of a long-awaited recovery after enduring a brutal recession and the worst financial crisis since the Great Depression.
Economic activity in both the U.S. and around the world appears to be "leveling out," and "the prospects for a return to growth in the near term appear good," Bernanke said.
The more upbeat assessment was consistent with the Fed's observations earlier this month as it took a small step toward pulling back some emergency programs to revive the economy.
The complete interview follows:
KING: Do you realize that more people will be watching you tonight, than all those who have seen theater plays in the last forty years?
BERNAKE: Why?
KING: Ben, do you think that we can stimulate growth through temporary incentives?
BERNAKE: [Long uncomfortable pause] As long as the roots are not severed, all is well. And all will be well in the garden.
KING: In the garden.
BERNAKE: Yes. In the garden, growth has it seasons. First comes spring and summer, but then we have fall and winter. And then we get spring and summer again.
KING: Spring and summer.
BERNAKE: Yes.
KING: Then fall and winter.
BERNAKE: Yes.
KING: I think what you are saying is that we welcome the inevitable seasons of nature, but we're upset by the seasons of our economy.
BERNAKE: Yes! There will be growth in the spring!
KING: Hmm!
BERNAKE: Hmm!
KING: Hm. Well, I must admit that is one of the most refreshing and optimistic statements I've heard in a very, very long time. I admire your good, solid sense. That's precisely what we lack on Capitol Hill. You know, I've never met anyone like you in Washington before!
BERNAKE: Yes, I've been here all my life.
KING: I have been wondering if you would consider writing a book, something about your political philosophy, what do you say?
BERNAKE: I can't write.
KING: Of course not, who can nowadays? Listen, I have trouble writing a postcard to my children. Look, we can get you a six figure advance, I'll provide you with the very best ghost-writer, proof-readers...
BERNAKE: I can't read.
KING: Of course you can't! No one has the time! We, glance at things, we watch television...
BERNAKE: I like to watch TV.
KING: Oh, oh, oh sure you do. No one reads! Well, that concludes our interview. Thanks to Ben the Bernake for his insights into the Great Recession. Goodnight, America - tomorrow we interview Britney Spears in a bikini! ***********************************************************
Note that the cause of the crisis, which could be summed up in the phrase, "an unsupervised capitalist system buying governmental influence in order to privatize profits while socializing losses," was not mentioned, by either the interviewer or the interviewee.
You had to "be there." Just like the movie, we're in good hands. NOT!
