Bernanke lied and he is lying again....

[YumYum]

In a speech given in 2002 celebrating Milton Friedman’s 90th birthday, Ben Bernanke made this admission about the Great Depression in his concluding comments:

"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 Schwartz (who were the co-authors of the classic Monetary History of the United States, 1863-1960) regarding the Great Depression. You’re right; we (at the Fed) did it. We’re very sorry. But thanks to you, we won’t do it again."​

Ben Bernanke lied. Why wouldn't he lie again? After he made this promise the Fed created the biggest boom and bust cycle the world has ever seen in the real estate market, which popped in 2008. How recovery from this scheme can be achieved is not certain, and even Bernanke has recently said that difficult times are ahead, while claiming that the Fed is doing everything it can to restore the economy. If history repeats itself, the Fed will up interest rates, contract credit even more than it is contracted now, and send this country into the depths of the worse depression the world has ever seen. History has shown that the Federal Reserve System has never changed its methods of operation and has continued its boom and bust cycles, financing of wars, bailouts of failing corporations and third world countries; all at the expense of the American taxpayer. Nothing will change. The Federal Reserve System must be audited and then abolished.

 

[tmosley]

I don't think he lied so much as he was (and is) simply incompetent. He knew that the Fed caused the Great Depression, but he doesn't understand HOW they caused it. He thought that they just didn't pour enough money into the economy, that they should have just kept pouring more and more in until it got better, like a medieval doctor draining more and more blood out of the patient until he died.

There is no appreciable difference between malice and incompetence, and both are grounds for their dismissal and the dismantling of the system they have set up.

 

[HOLLYWOOD]

Do we all have to get jobs at the MSM outlets and do their Investigative reporting?

Even the PACs missed this one.

Oh darn, I forgot the MSM consortium is OWED by the government, aka Department of Propaganda

Fox Business... where art thou?

 

[fahayek]

In a speech given in 2002 celebrating Milton Friedman’s 90th birthday, Ben Bernanke made this admission about the Great Depression in his concluding comments:

"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 Schwartz (who were the co-authors of the classic Monetary History of the United States, 1863-1960) regarding the Great Depression. You’re right; we (at the Fed) did it. We’re very sorry. But thanks to you, we won’t do it again."​

Friedman's theory (Monetarist) is that the Great Depression happened because the Fed contracted the money supply so when Bernanke said "we won't do it again", he's fulfilling his promise not lying.

 

[Romulus]

wheres the tube of this fine fellow saying this?

 

[YumYum]

Friedman's theory (Monetarist) is that the Great Depression happened because the Fed contracted the money supply so when Bernanke said "we won't do it again", he's fulfilling his promise not lying.

While interest rates are low, credit is so tight that people with excellent credit and gainfully employed cannot get a loan. That is why Obama is currently putting pressure on the banks to loosen the regulations and start loaning to the public. Billions of dollars have been given to the banks to help stimulate the economy, and yet Americans have to pull teeth to get loans: this is a contraction of credit. And it will get worse. Bobby24 posted an article that says the Fed is cutting off all commercial loans starting Jan.1st, 2010. If Bernanke wasn't lying, Americans would have access to the stimulatin' money with easy financing, but it is just the opposite.

 

[not.your.average.joe]

While interest rates are low, credit is so tight that people with excellent credit and gainfully employed cannot get a loan. That is why Obama is currently putting pressure on the banks to loosen the regulations and start loaning to the public. Billions of dollars have been given to the banks to help stimulate the economy, and yet Americans have to pull teeth to get loans: this is a contraction of credit. And it will get worse. Bobby24 posted an article that says the Fed is cutting off all commercial loans starting Jan.1st, 2010. If Bernanke wasn't lying, Americans would have access to the stimulatin' money with easy financing, but it is just the opposite.

He has made the funds available at extremely low rates so he isnt lying.

Maybe the borrowers arent very creditworthy?

 

[YumYum]

wheres the tube of this fine fellow saying this?

My source for his speech is taken from the book "Principles of Economics", by N. Gregory Mankiw, Chapter 29, page 654. It is under the title "The Financial Crisis of 2008". The section makes this comment:

"The Federal Reserve announced one of the broadest expansions of its lending authority since the 1930's in an effort to stem a credit crisis that is engulfing the financial system and threatening a deep recession."​

Mr. Bernanke, "Show me the money!"

 

[YumYum]

He has made the funds available at extremely low rates so he isnt lying.

Maybe the borrowers arent very creditworthy?

The interest rates are low, but nobody can get any loans. I know a guy who makes six figures and has excellent credit, and he qualified for a loan to buy a home. When he went to sign, the bank declined, claiming that he didn't meet the loan requirements, which was nonsense.