Bernanke - "Federal Reserve caused Great Depression"

[Lucille]

Bernanke - Federal Reserve caused Great Depression

That goes along nicely with Paul's continued assertion of the same, even as recently as last night on Kudlow. Ron Paul is vindicated again.

 

[Andrew-Austin]

Wow @ him admitting it.

 

[Banana]

Too bad the source is less than reputable. I'll call it bunk.

 

[Aratus]

jacking up tariffs sky high AFTER the big slide of 1929
makes the onset of the depression deeply worse...

this is after the margin calls on cronic borrowing done
as the speculative climb becomes a slide creates beggers
out of millionaires. am not sure where keynes and 'pump priming'
is set as to the slow recovery. there are two schools of thought...

 

[lucius]

Too bad the source is less than reputable. I'll call it bunk.

How about directly from the Federal Reserve Board, source good enough for you?

Remarks by Governor Ben S. Bernanke
At the Conference to Honor Milton Friedman, University of Chicago, Chicago, Illinois
November 8, 2002
On Milton Friedman's Ninetieth Birthday

Whole speech at link: http://www.federalreserve.gov/BOARDDOCS/SPEECHES/2002/20021108/default.htm

Second to last paragraph in the 'Conclusion':

"Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again."

 

[Banana]

How about directly from the Federal Reserve Board, source good enough for you?

Great- thanks for that link.

 

[lucius]

Great- thanks for that link.

Your welcome!

 

[user]

I hate to burst your bubble, but this has been discussed earlier. Bernanke is agreeing with Milton Friedman's explanation of the Great Depression, which is NOT the same as the Austrian School's which Ron Paul agrees with.

 

[clouds]

They'll try so hard to avoid a depression on one side they will fall off the other.

 

[synapz]

I hate to burst your bubble, but this has been discussed earlier. Bernanke is agreeing with Milton Friedman's explanation of the Great Depression, which is NOT the same as the Austrian School's which Ron Paul agrees with.

Yeah, basically Milton said that they did not print ENOUGH funny money to stimulate the economy. Load of BS, IMHO.

 

[Aratus]

keynes in his day also had a unique explanation.
i've heard it said, although keynes was a brilliant
mathematician in his youth, and was tres precise in
his abstractions, whereas his 'pump priming' theories
seem more political rhetoric than a statisticians delight.
one theory was world war two ends the great depression.