60 Minutes with Ben Bernanke - Dec. 5, 2010

Bernanke: Unemployment is very high

Pelley: no shit Sherlock

Pelley: we lost 8 million jobs - when will we get them all back?

Bernanke: 5 years

Pelley: awesome

Bernanke: there’s more - people have been out of work so long they don’t even know most white collar people know spent most of their time at their desks on the Internet

Pelley: wow

Pelley: Wall Street is swimming in money but they won’t lend

Bernanke: why borrow money when you can’t sell anything?

Pelley: so no more bubble?

Bernanke: right - lend, but not too much

Pelley: why did you spend $600 billion

Bernanke: inflation is a problem in that prices are falling

Pelley: so. . . deflation?

Bernanke: right

Pelley: some people think you’re crazy

Bernanke: we’re not printing money - we’re lowering interest rates

Pelley: but inflation is terrifying!

Bernanke: that’s not a problem

Pelley: I’m still scared of 1979

Bernanke: look we can crack down on a return of disco in 15 minutes if we have to

Pelley: what about ABBA?

Bernanke: them too

Pelley: do we have a self-sustaining economy?

Bernanke: no you idiot

Pelley: how about the tax cuts?

Bernanke: we should worry about that 20 years from now

Pelley: how can we grow the economy?

Bernanke: simplify the tax code

Pelley: should the GOP run the Fed like everything else?

Bernanke: I’d have to say no

Pelley: you bailed out Wall Street

Bernanke: we prevented a breakdown of the global financial system

Pelley: you were supposed to prevent that from happening in the first place

Bernanke: no one could have foreseen widespread that obvious fraud and irrational lending would be a problem

Pelley: amazing

Bernanke: we didn’t oversee AIG or Lehman

Pelley: who did?

Bernanke: no one

Pelley: okey dokey

Pelley: what about the gap between rich and poor in America?

Bernanke: it’s great for the rich and not so much for the uneducated and poor

Bernanke: interesting

Pelley: Is America doomed?

Bernanke: not at all - if we can tweet our way to riches

Pelley: Awesome

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