Bernanke on 60 Minutes: Grim picture for jobs ahead

Bernanke made a rare TV appearance on 60 minutes to explain to the public the incentives being QE2: to buy back bonds in order to encourage consumption, which will hopefully lead to the creation of job. Also, unlike printing money, interest rates will stay low to encourage investment. Although Bernanke doesn't address all the criticisms associated with QE2, he has very sound explanations for the one's he does address. For example, many people say the interest rate is too low, which will cause inflation. Bernanke explains that these fears are overstated. I think that most likely, the people complaining of possible inflation are referring to nominal interest rates and not real interest rates, which adjust over time. Also, Bernanke states that the Fed can increase the interest rate very quickly (by adjusting the Federal Funds rate).