video transcript

ROUGH CUT- NO REPORTER NARRATION. Fed Chairman Ben Bernanke elaborates on the Fed's decision to start a third round of quantitative easing. By lowering mortgage rates, consumers could have more money to spend and invest, creating the demand needed by businesses to hire more workers. Bernanke explained how keeping the program open ended would give the Federal Reserve more flexibility to adapt to the changing economy. He also expressed serious concern about the fiscal cliff, and the potentially devastating impact it could have on the economy and the job market.