Bernanke says recession could end in 2009

U.S. Federal Reserve chairman Ben Bernanke said on Sunday that the U.S. recession could come to an end "probably this year."

U.S. Federal Reserve Chairman Ben Bernanke testifies before the Senate Budget Committee on Capitol Hill in Washington March 3, 2009. (Xinhua/Reuters File Photo)

In a rare interview televised by CBS, Bernanke said that concerted efforts by the U.S. government likely averted a depression similar to the 1930s.

"I think we've averted that risk," said the U.S. central bank chief. "I think we've gotten past that and now the problem is to get the thing working properly again."

"We'll see the recession coming to an end probably this year," predicted Bernanke, noting the recovery might begin next year, "and it will pick up steam over time."

Meanwhile, he warned the nation's 8.1 percent unemployment will continue to rise.

He also expressed concern the U.S. might lack the political will to take further measures to stabilize the financial system, reiterating the call for an overhaul of the U.S. financial regulations.

"The biggest risk is that we don't have the political will," said Bernanke, the first sitting Federal Reserve chief to conduct a television interview in 20 years.

There's a danger that "we don't have the commitment to solve this problem, and that we let it just continue. In which case, we can't count on recovery," warned Bernanke.