Ben Bernanke. What a piece of work he is. As I was reading his statements made today, most of which are a complete line of Bullcrap, I thought it'd be interesting to look a some of his statements from previous years.
Let's take a little trip down memory lane to see how accurate he was, or shall I say let's take a look at some of his glaring, outright lies. Yeah! That would be more accurate.
On May, 17, 2007, I give you bend over Bernanke:
"The subprime mess is grave but largely contained, said Federal Reserve Chairman Ben Bernanke Thursday, in a speech before the Federal Reserve Bank of Chicago. While rising delinquencies and foreclosures will continue to weigh heavily on the housing market this year, it will not cripple the U.S. economy, he said?
Largely contained? Will not cripple the economy? Wow. He had that ALL wrong, didn't he?
He goes on to say....".We are likely to see further increases in delinquencies and foreclosures this year and next,” Bernanke said. “Although a leveling-off of sales late last year suggested some stabilization of housing demand..."
Keep in mind, this was 2007 when he said this.
In August, 2007, Bernanke barks again. Check it out:
Mr. Bernanke, speaking at the Fed's annual conference in Jackson Hole, Wyo., said the central bank will "act as needed" to prevent the credit crisis from hurting the national economy."
Hang on. Let's rewind to 2006 just for the heck of it.
"Housing markets are cooling a bit. Our expectation is that the decline in activity or the slowing in activity will be moderate, that house prices will probably continue to rise.”
Wrong again, Bennie. He's either an idiot or a liar. My guess is both. Look at what he said in January, 2008:
"The Federal Reserve is not currently forecasting a recession.”
Let's give him the benefit of doubt here. He says they're not forecasting a recession. Forecasting the operative word, perhaps?
In June, 2008, he speaks again, saying:
"The risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.”.
August,2009:"After contracting sharply over the past year, economic activity appears to be leveling out, both in the United States and abroad, and the prospects for a return to growth in the near term appear good"
In July, 2010' Bennie boy has no choice but to acknowledge the true state of the economy...with a little whitewash....and more lies. Look:
"despite ongoing signs of weakness in the economy, central bankers expect gradual recovery over the next few years, although the labor market healing will be slower than previously thought."
In August, 2011, he appears to be a bit more honest, but quite frankly, it's too little, too late. Here's what he said in Jackson Hole last fall:
"without significant policy changes, the finances of the federal government will inevitably spiral out of control, risking severe economic and financial damage.”
Whoa! Better fire up the printing presses, Ben! Speaking of which, look what he had to say waayy back in 2002 at a speech he made:
"The US Government has a technology, called a printing press, that allows it to produce as many US dollars as it wishes at essentially no cost"
Today, Bernanke is still spinning:
"pace of the recovery has been frustratingly slow” where a “sluggish expansion has left the economy vulnerable to shocks.”
No cause for alarm, no need to worry, Bernanke's on top of the situation and monitoring it closely..or so he says. The guy is a joke! My whole point in this is to show how many people take what these clowns say and run with it, by continuing to invest in the stock market, or what have you. They believe the lie, each and every time, without taking a few minutes and doing a little due diligence to learn what the truth is. Greenspan, Paulson and Bernanke knew 6 years ago what was happening...they knew the foreclosures were coming and the economy was going to tank, yet in front of cameras, they lied to the American people. And many were just dumb enough to believe them.