Nice collection of Bernanke’s public comments, amounting to his cherry picked track record:
This video should make people think twice about listening to anything that Chairmen of the Fed Ben Bernanke says. It’s a compilation of statements he’s made from 2005-2007 that will have you 100% certain America is doomed if we continue to value what this moron says.
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
"Overall household indebtedness is up from $7 trillion to almost $10 trillion since 2000. On this sum, we estimate, the American consumer has an annual interest bill of more than $500 billion; a sum, by the way, that vastly exceeds his current income growth." —Kurt Richebacher
Knowing that the vote over the weekend in Greece was really a referendum on Euro membership, a majority of the Greek Parliament said yes to staying. European Finance Ministers meet again on Wednesday to solidify the 2nd bailout package for Greece at the same time hopefully a deal is consummated between Greece and its creditors this week. The Greek 14.5b euro bond that matures on March 20th is up by 2 pts. The optimism that all will be completed and contained AGAIN to Greece has yields lower in Portugal, Spain and Italy. The iTraxx Financial Index is also narrower by...
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February 11th, 2010 at 9:08 am
Nice video. Unbelievable that this fellow still has a day job.
February 11th, 2010 at 10:45 am
“doomed if we continue to value what this moron says.”
Succinctly put +1 !!!
February 11th, 2010 at 10:56 am
[...] Torched By Expert Opinion Barry Ritholtz has posted a 5 minute clip of some of Ben Bernanke’s public comments between 2005-2007 on the housing market and the broader economy. The point of me posting this is not to say that [...]
February 11th, 2010 at 8:18 pm
OK OK OK He’s a moron. What should be done? Spell it out. Stop the bitching and moaning. What should the Fed be doing right now?
February 11th, 2010 at 11:24 pm
Hey ! Leave the poor guy alone !
Forecasts are hard , especially considering what Bernanke has to work with.
Remember this ?
“The fact that our econometric models at the Fed, the best in the world, have been wrong for fourteen straight quarters does not mean they will not be right in the fifteenth quarter.”
(Martin Mayer (2001), The Fed, p. 180).
February 12th, 2010 at 12:48 pm
Ditto above. So like 80% or 90% of the world’s experts, central bankers, and regulators he was dead wrong. For the last 1 1/2 years he has been killing himself to try and save the system. What have you been doing?
February 13th, 2010 at 2:28 pm
I guess my sarcasm wasn’t explicit enough.
IMO , Bernanke is only slightly preferable to Greenspan , who was a disaster.
BTW , I forgot to attribute the quote above to The Maestro , but I’m sure most here knew it was his.