Federal Reserve Chairman Ben S. Bernanke said the current recession won't end until the financial system is stabilized, probably this year.
"We've seen some progress in the financial markets, absolutely. But until we get that stabilized and working normally, we're not gonna see recovery. But we do have a plan. We're working on it. And I do think that we will get it stabilized, and we'll see the recession coming to an end probably this year. We'll see recovery beginning next year. And it will pick up steam over time," Bernanke said in an interview aired last night on CBS' "60 Minutes."
Bernanke, who has been his position since 2006, also said that the nation's largest banks are solvent they are being closely monitored.
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