Capital Commerce

Bernanke: I Was Mistaken

November 23, 2008 RSS Feed Print

Comment (3)
Tweet

Oh, like this will help investor confidence. Federal Reserve Chairman Ben Bernanke tells New Yorker magazine that "I and others were mistaken early on in saying that the subprime crisis would be contained. The causal relationship between the housing problem and the broad financial system was very complex and difficult to predict." Indeed!

« Previous Post Next Post »

Reader Comments Read all comments (3)

Add Your Thoughts Comment Name State Email

Please enter the two words below into the text field underneath the image.

Your comment will be posted immediately, unless it is spam or contains profanity. For more information, please see our Comments FAQ.

Read Bernanke's speech on the occasion of Milton Friedman's 90th birthday exactly six years ago. The last paragraph says it all: http://www.federalreserve.gov/BOARDDOCS/SPEECHES/2002/20021108/default.htm

Don Stroud of TX 11:59PM November 23, 2008

Paulson, Bernanke, they should all be gone. They are the foxes guarding the hen house. The absolute lack of transparency that was supposed to be there has been cast aside for the banks' sake. Sorry, publish the information. And so sorry, we're not going to use the TARP like we said we were going to do. Let's just screw over the people that were actually depending on this. It's a Keystone cop film!

Bryan Price of FL 10:30PM November 23, 2008

Before we attempt to solve this economic problem with tax proposals, bail out plans and employment issues, we need to tackle the principal cause for this financial debacle; Corruption. We have corruption at the highest levels of appointed and elected government officials, as well as in the ranks of Corporate CEO's and Boards of Directors. How else can we explain the depth of this economic quagmire that not only the US, but the entire globe finds itself. Surely beyond principal, a great deal of this mess is anchored in sheer stupidity. But stupidity is often confused with greed, partisanship and back office deals.
If we do not insist on a fact-based, non-partisan way of governing, we will utimately waste billions or even trillions of dollars toward solving this dilema. Additionaly, we cannot allow corporations to use employment contracts guaranteeing CEO's and their cronies compensation for miserable performance.
The people require complete and total transparency. We must eliminate all forms of conflict of interest including campaign funding, personal economic gain and promotions of title and compensation which is eggregious.
This will require a Congressional Congress which should effectively eliminate the two party system and create several new addended bill of rights to protect THE PEOPLE.
In addition, THE PEOPLE require transparency in the news media. Therefore, the business of news media must be nationalized and taken from the hands of the current owners who choose to protect the secret inner circle of the super rich.

Steve Magnani of NY 10:11PM November 23, 2008