NEW YORK (CNNMoney.com) - Federal Reserve Chairman Ben Bernanke said on Sunday that government officials are laying the groundwork for an economic revival and that a "depression" can be avoided – acknowledging however that a full recovery will take time and that there are still obstacles.
"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 a rare public interview airing on "60 Minutes," according to a transcript released by CBS.
When asked about the risks of a "new American depression," Bernanke responded, "I think we've averted that risk. I think we've gotten past that."
(CNN) - Vice President Joe Biden's mother, Jean Biden, is being treated at the University of Pennsylvania hospital in Philadelphia after falling at her Delaware home Sunday. A Biden spokesperson said 92-year-old "is in good spirits."
WASHINGTON (CNN) - Former Vice President Dick Cheney told CNN Sunday that former President George W. Bush should have pardoned former side I. Scooter "Lewis" Libby, and that he was unhappy his former chief of staff had been left "sort of hanging in the wind."
Bush had turned down Cheney's request for a Libby pardon. "Well, it was - it was one of the moments that occurred in the administration where we had fundamental difference of opinion," Cheney told John King on State of the Union. "I believe firmly that Scooter was unjustly accused and prosecuted and deserved a pardon, and the president disagreed with that."
King asked whether any of the discussions had been angry or tense ones, or involved shouting. "Those kinds of details, I think, are best left to history," replied Cheney. "Maybe I'll write about it in my book."
(CNN) - White House officials and some members of Congress reacted strongly Sunday to news that insurance giant AIG had intended to pay out $165 million in bonuses and compensation. The company has received at least $170 billion in federal bailout money.
Under pressure from the Treasury, AIG scaled back the bonus plans and pledged to reduce 2009 bonuses - or "retention payments" - by at least 30 percent. That did little to temper outrage at the initial plan, however.
"There are a lot of terrible things that have happened in the last 18 months, but what's happened at AIG is the most outrageous," Lawrence Summers, head of the National Economic Council, told ABC's "This Week."
"What that company did, the way it was not regulated, the way no one was watching, what's proved necessary, it is outrageous."
The nation's jobless rate is rising, but at least one employer's having trouble filling open positions: the Obama administration.
What's the holdup? CNN's Bill Schneider explains.
Photo credit: Josh Rubin/CNN
WASHINGTON (CNN) - Former Vice President Dick Cheney said the administration was not to blame for poor economic conditions in the country, telling CNN's John King congressional Democrats had prevented it from heading off the financial threat posed by Fannie Mae and Freddie Mac, and that September 11 had forced the United States into "wartime mode" and spending.
Asked by King about key measures of economic health that had declined during the Bush administration, Cheney replied that there were "all kinds of arguments to be made on that point, but there's something that's more important than the specific numbers you're talking about, and that had to be priority for our administration: eight months after we arrived, we had 9/11. We had 3,000 Americans killed one morning by Al Qaeda terrorists here in America.
WASHINGTON (CNN) - Former Vice President Dick Cheney told CNN's John King Sunday that he believed President Obama's decision to eliminate the use of many of the most controversial interrogation practices used under the former administration had put the country at risk.
Asked whether he thought those moves had made the United States less safe, Cheney said he did. "I think those programs were absolutely essential to the success we enjoy, of being able to collect the intelligence that let us defeat all further attempts to launch attacks against the United States since 9/11," he said on State of the Union. "I think it's a great success story. It was done legally, it was done in accordance with our constitutional practices and principles..."
Obama campaigned against those practices, said Cheney, "and now he's making some choices that in my mind will raise the risk to the American people of another attack."
Photo Credit: Josh Rubin/CNN
(CNN) — In his first television interview since leaving the vice president’s mansion, Dick Cheney told CNN's John King the Bush administration had accomplished "nearly everything we set out to do" in Iraq - and took aim at a key member of the Bush diplomatic team who's been tapped for the Obama administration.
"I think it's my general sense of where we are with respect to Iraq at the end of now, what, nearly six years is we accomplished nearly everything we set out to do," he said on State of the Union Sunday. He pointed to falling levels of violence, and recent democratic elections: "We have succeeded in creating in the heart of the Middle East a democratically-governed Iraq, and it is in fact what we set out to do."
But he declined to say whether those conditions meant "Mission Accomplished" in Iraq: "I wouldn't use that, just because it triggers reactions that we don't need," he said. "But I would ask people, and the press too, to take an honest look at the circumstances in Iraq today, and how far we've come."
He was critical of the Obama administration's decision to tap Chris Hill, the Bush team's point man on North Korea, to serve as ambassador to Iraq. "He’s not the man I would have picked," said Cheney, saying Hill "doesn’t have experience in the region, none of the skills and talents that [former ambassador] Ryan Crocker had," adding that he would not have made that choice.