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
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: 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?
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
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
Pelley: Is America doomed?
Bernanke: not at all - if we can tweet our way to riches