Ben Bernanke On '60 Minutes'

Certainly some of what Benanke said was fine - like the entrepreneurial abilities of the American people. But two places he lost me. I will listen again to your video here, but this is where he lost me in two places:

1. He said he is not just printing money. Really? Well, let us start with the US adding debt at over $1.5 trillion a year. How was that paid for? The US had no money. The people holding US loans are too low in money to help so loans are not possible (China about %870 billion US and Japan second highest holder at about $840 billion), so that just leaves printing money to cover the deficit or perhaps selling off land or states? So if not "just printing money" how is the $1.5 trillion in new debt per year of Obama being covered?

2. He said that the fallout in the housing/mortgage recession was AIG, Lehman bros etcetera, but never ever spoke of Fannie Mae and Freddie Mac, both government controlled, who write many mortgages and rumor has it was told by some in Congress to take mortgages from poor people that would be risky.

With no good apparent answers on these two items, I will listen to the video again to see if I missed something. If not, I feel he was dancing and considers us the dumb public and he will only give so much info and perhaps make up what we want to hear, But I will listen again.

RNHunter of CA 11:09PM December 05, 2010