Obama Defends Expansion Of Fed Powers

(CBS)

While his critics argue the Fed was partly responsible for letting reckless practices on Wall Street get out of control, the president disagreed.

"It wasn't the Fed," Mr. Obama said.

"The Fed has the expertise and the credibility, I think, to do it," the president said.

In addition to federal regulation of the economy, the president spoke about the North Korean government's threats of a missile attack on U.S. soil and the crisis in Iran.