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Bernanke Admits More Of His Mistakes
On the heels of yesterday's confessions (as we detailed here), ex-Fed chair Ben Bernanke continues his contrition:
- *BERNANKE SAYS HE UNDERESTIMATED IMPACT OF SUBPRIME PROBLEM
- *BERNANKE SAYS HE THOUGHT SLOWDOWN WOULD BE 'MODERATE'
But apart from that, "nailed it." What a great way to earn $250,000 per appearance (a year's Fed salary): by admitting your mistakes destroyed the middle class.
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BB needs to be hooked up to a polygraph, waterboarded, and get electro-shock treatment.....
JUST FOR FUN!
THEN....ask him to reveal more....
You're too kind. But if you're talking about electro shocks to his hairy, sweaty nuts then I take that back.
The biggest mistake is he is a zionist mofo.
i really dislike this guy
i think i'll unfriend him on facebook
When should we expect his "suicided" expiration date to be?
never unfortunately
ol race to the b...no let's not complain about IN YOUR FACE bribes and corruption, lets concentrate on BLS and economic data from .gov , or economic theory you know important stuff like M2 or current PE of S&P 500.
This guy was appointed because he is a highly articulate company-man. Wish I had a clip of his acceptance speech. I remember thinking, this guy thinks he's arrived and has nothing more to do.
He said he didn't think enslaving the goyim for eventual one world currency could ever be so much work, and that he heard the security state was having almost as much trouble, but that in the end they would get the New World Order they were seeking.
His biggest mistake was being in the Chairmanship when the world was accidentally given an up-close-and=personal glimpse of the gigantic ponzi scheme that is the world's financial system in 2008-2009.
For a brief time, what was supposed to be securely hidden from view was put on display in all it's naked hideousness. Bail-outs, money printing, raping of taxpayers to "save" banks, corrupt and illegal deals made in back rooms, cooked books- the whole enchilada. It's all been covered up again now and we've been told to move along and forget what we saw. But it's tough to un-see something like that. We remember. We will always remember.
To the good: Out of this was born ZeroHedge.
He's nothing more than a manipulated puppet screw-up. Nothing more.
"Moderate slowdown" is what he thought? I seem to remember threats of war and tanks in the streets if there was no intervention. He prints and he thought that would create a moderate slowdown instead of delaying and making worse the necessary correction, huh? Money for nothing and the fix for free, I guess is BB's favorite song and economic theory.
They print, and print and print and give out Moar! Jackola -
These jackals have handed out and received anywhere from 15-25 trillion in emergency loans etc /
And they still trot out the Sub Prime bullshit -
The Entire Residential Mortgage market is around 12 trillion - not just Sub Prime mortgages - ALL of them!
So we've handed the banks more than enough to pay off every Single mortgage in America -
Of course that would enrich average everyday citizens AND bail out the banks - as the mortgage (and stick built house) is the underlying asset.
But hell that might have actually trickled down to the Muppits.
Can't have that!
Where the drone strike when we need it?
One can only hope for justice, William.
The battered wife with two black eyes still sitting next to her man drinking, knowing it's the alcohol that usually sets him into a violent fit of rage. That one works at a lot of levels. Very well done.
I regret that I have but one upvote to give.
WB7 does absolutely nail it from time to time.
What do you tell a wife with two black eyes? Nothing...you already told her twice!
http://rt.com/news/bitcoin-assassination-market-anarchist-983/
Who cares? This is what "they" get when they trot this asshole out after his tenure -
Consider what transparency means AFTER "retiring". Really, who gives a shit. Focus energies on the here and now. This guy will be best judged by the history happening NOW.
Why are these guys always granted an extremely well paid afterlife?
BernanQE sold his soul for fiat.
Fiat is get ripped off because Bernanke is no soul.
Lucifer is has great pension plan for minion.
"Pension" anagram: no penis
Or "Open Sin" (Not sure what is mean, but anagram is fun entertaining)
I assume you are being sarcastic, but in the event you are asking because you don't know why:
The FED chairman and the other members of the 12 Federal Reserve Banks (the name of the Federal Reserve cries out to be changed to something far more sinister and indicative of its true mission) are charged with the sworn duty to protect the top 1% of human beans in the world.
That is their only responsibility. The bullshit that they feed to the public is as truthful as a bill clinton statement about anything.
The crap that Greenspan, Bernanke, and now Yellen, Jews, each and every one of them, in control of printing the money, new money given to the worst financial criminals to ever go unindicted, should turn on some alarm bells as to who among the other so-called banks, like Goldman Sucks, and the surrogate banks, the insurance companies, are profiting the most from Ben's keypad entries of free money.
The $250,000 may sound like a lot but I can guarantee that some Swiss gnome has many billions on deposit for transfer to Greenspan, Bernanke and in her time, Yellen.
"Why are these guys always granted an extremely well paid afterlife?"
If you "gifted" $3.5 trillion to the incompetent, criminal banking cartel, then you would have some friends too.
To keep their mouths shut and continue shilling for the current life.
-- Why are these guys always granted an extremely well paid afterlife?
It serves two purposes:
1) It's payment for services rendered.
2) Sends the required message to all that follow.
Chairwo[ ] Jam-it will be rewarded similarly.
Just as Greedscam has been and is being rewarded for past services.
It's become so accepted that you might say it's 'hidden in plain sight', not even newsworthy. But ask yourself this question, 'Are a few remarks by one of these 'wizards' really worth 250 per appearance? To whom? [wink wink nod nod] OF COURSE THEY ARE (Just not to anyone among the general public trying to gain insight into their thinking).
"Mr. Chairman, can I ask you, do you do your own grocery shopping?", or "So, Mr. Chairman, is gold money?" (Ron Paul, 2012).
I bet the cocksucker is buying gold now.
Bernanke says he didn't realise Janet was such a looker, when he recommended her for the top job, meaning we have the pleasure of admiring her physical form on a regular basis!!!!!!!
See I can lie just as good as the Banksters
If Bernanke is write memoir about mistake only, is very large tome.
is making 'war and peace' look like comic book
Is only make war, no peace for Uncle Ben.
I got an advance copy. All he did was enter a thousand pages of ones and zeroes and hit "print".
Now is print, distribution channel is drop from helicopter.
Has he apologised for being born yet?
Only in modern times would someone be paid for giving a confession. Hey people, this is a free and private service to Catholics.
"Irrational exuberence" is taken, Benny.
Is "oops" still available?
Incompetence. What a 'cover'.
Other than the huge payday.
The consequences will be?
Look at a good number of these bastards...Berananke, Dimon, DICK FULD, Greenspan, Draghi...on and on. Most look like miserable pricks that can not find enjoyment in their pothetic lives. They got money...whopdeefucking doo.
Blankfein...now there is a happy motherfucker. He takes pride in fucking the masses..
http://hapstancedepart.files.wordpress.com/2011/01/090225-blankfein-225....
wife and I are looking for houses. I'm not a stupid fuck impulse buyer w/ a bitch of a wife who has to live in some sort of "it" neighborhood so she can tell her friends she has a 4000 sq ft behometh that we paid $500k for. I really detest those fucking people.
Anyway, in real estate they call it the 7 year itch. People who bought at the height of the bubble in 06', 07' & 08' are putting their houses on the market now cause they've been in them for 7 years. Thier listing prices are close to what they paid at the height, a clear indicator to me that the real estate bubble is close to where it was back in the hey day.
Fuck You Bernanke!
Charles, come on. "Asset prices are determined by the free market". You should know that by now.
my 7 yr itch is like one of those itches you get on your foot when you are driving. I can't reach it and it's driving me fuckin nuts and if i reach any further i'm going to drive off the road. I bought in 07 ended up dumping a big chunk of change into my money pit and would be lucky to take a 50k loss if i sold it today, and i'm in a solid area, all things considered.
50-60k loss for me not counting agent and moving costs
fuck it
sunk costs and i'm not getting it back
but the consolation prize is i'm outa here
37 days to go
Buy a farm. Learn to homestead, downshift 3 gears in stress and grab some popcorn on the way from your non-GMO corn...
Crank it up. http://www.youtube.com/watch?v=SHhrZgojY1Q
that is the dream. My wife... not so much (for now). Maybe in 20 yrs when the kiddos are done with college or whatever hopefully replaces those fascist overpriced institutions. For now I'll meet her halfway and settle for an acre where I can have a large garden and chicken coop.
I live in Seattle and now the norm has become large food gardens and chickens in the city limits.
Of course it will be ground zero when the zombie apocalypse happens and the FSA comes looking for stuff
Charles Nelson. Meet Raymond K. Hessel.
http://www.youtube.com/watch?v=kYHhCOUzumQ
Until then. Keep submitting.
thats a fact
look at zillow for your area
lots of people listing at or below price they paid
in 19810 houses are selling 5-10% last paid price on average if purchased 06-08
listing below that for 04-06 prices depending on month purchased
lots to be learned on zillow
Charles Nelson ...
Uhh... time to trade in the wife.
Well yeah, but 7 years is a while. If you figure 5% real inflation over that time, then an apparent price today the same as it was seven years ago, is not so good.
One medium neighborhood I know in the Los Angeles area is up off the bottom prices reached in 2012, but is still nowhere near the peak circa 2005. Other areas in Los Angeles are near or maybe above, but again, that's on the order of 35% inflation not kept up.
He needs to admit that breathing was his first mistake.
So someone likes Bernanke? Okay.
But the funny part is that people are PAYING HIM $250,000 to hear him speak about his mistakes??? What a legacy!!!
People need to be paying that to have him Prosecuted and EXECUTED for FRAUD and TREASON.
"But the funny part is that people are PAYING HIM $250,000 to hear him speak about his mistakes???"
When has the Bernank made any mistakes for the people that pay him $250,000? That was the cheapest thankyou note ever...
He's going to spend the next five years trying to whitewash his record.
I wish I could just say "oops" and walk away laughing when I make a 14 cent error on my taxes and get rung thru the ringer for the rest of my life as a result, but then again I'm not a well connected elitist whale-cunt like Bernanke et al.
benny the fixer, payoffs after he is out free and clear of any real responsiblity for his (mistakes)..joins hank paulson, chris cox (if you don't remember head of sec in 08), barney hide the salami, on and on, one wonders if the military and cia have any idea how much they did not do their jobs...of protecting the nation how can they wake up each morning look in the mirror and say we did our best..fuck them all.
ZH, don't make sucha big deal about the Bernanks salary and his speaking bills. Make an issue of his actions.
Ohh and BTW, Greenspam and the Bernank have moved the role of central bankster to that of a god, The Bernank is by far the lowest paid of the central Banksters.
The Canadian/UK Wankster makes 5X or more than the Bernank does and he is just using the Bernanks playbook....
RaceToTheBottom
Look at the Fed chairman's salary as the down payment.
In other words, he failed.
Please, Ben is a useless paper-pushing puppet doing exactly what his masters tell him.
He needs to be tortured, beaten and hanged.
Reasonable person question time: if you failed to recognize the scale and significance of the MBS crisis, why would we have then and should we now believe(d) that you solved anything? You don't go to someone who fails to realize what's going on to solve your problems.
I know these questions were asked 7-8 years ago. It's just that he's validating a lot of what people said then.
That's not fair, if baseball players had to hit 1000 there wouldn't be a game.
But Bernanke's statement is still dumb. There never was a "subprime" problem as such, there was a complete fraud problem by the banksters packaging garbage into derivatives and calling it candy. The banks and fed are 1000% responsible for that.
Also the crisis came not because of some poor immigrant being granted a $90,000 loan on a shack that he could never pay, but because the market between banksters suddenly failed so nobody could buy that stupid loan even for the liquidation value, it just couldn't move at all, so all the banks that violated banking 101 rules and had borrowed short to finance long, were suddenly SOL. That MARKET FAILURE RISK should have been recognized by the quants and priced into the market. It was not. It still isn't. Bernanke and his rocket scientist ilk should have seen this YEARS before it happened.
Just as WE all see the crash that is coming now. There is no way NOT to see it, but it's so scary we all pretend not to.
I read a book called "Black Swan" that says the quants were never going to get it right.
If by admitting his diagnosis (subprime, depression) was inaccurate, is he not admitting that the remedy he administered (QE) is likewise misguided? And if this is the case, why did he continue down this path once this became obvious?
Read Roghoff/Reinhardt (sp), they clearly state that balance sheet financial catastrophes like we experienced take 7+ years to fix. Bennie had to know this.
Sorry Bennie, sounds like you are covering for the disaster you know looms due to your bad diagnosis and remedy.
I am not buying it, what were the real reasons you continued these policies? You made this mess and we will not forget.
sschu
He did what he was told — just following orders. No matter what he tells us, that's the belief system that allows him to sleep like a baby.
What doesn't he just shutup?
I never saw it coming...
Yea right!
It will be interesting to read his next book. In the format of a book, it will be harder to scam everyone. His logical inconsistencies will be scrutinized more.
Did this bastard not repeatedly testify in Congress, and he never admitted any of these things.
He should be charged with perjury, and jailed.
I demand a full refund from that asshole.
burn in hell Ben!!!!
Clearly the weather affected his thinking.
fuk the bernank. you go to hell and you die! [/mr. garrison]
I AM SORRY. I AM SORRY. I AM SORRY I AM SORRY. I AM SORRY. I AM SORRY. I AM SORRY. I AM SORRY. I AM SORRY. I AM SORRY. I AM SORRY. I AM SORRY. I AM SORRY I AM SORRY. I AM SORRY
Now becoming classic.
http://www.youtube.com/watch?v=PTUY16CkS-k
Fuck this guy, he should have been hanged years ago!
All those FED guys are like lawyers, they are all talking and lying with no end. It's shame of US people they allow such shit to play games with the world.
The blockbuster errors Bankrupt you Bernanke made were indeed treasonous. He was the sole cause of the Great-Recession (regulatory malfeasance notwithstanding).
(1) he followed a contractionary money policy for 29 consecutive months (turning safe assets into impaired assets).
(2) in Dec 2007 the trajectory for roc's in MVt unquestionably pointed to a recession in the 4th qtr of 2008.
(3) in Oct the BOG administered the coup de grace (the payment of interest on excess reserve balances which destroyed non-bank lending/investing thereby slashing roc's in Vt & thus AD).
(4) introduced unlimited FDIC insurance coverage which caused saver/holders to transfer their balances from income producing conduits to where savings were further impounded within the CB system.
(5) exacerbated liquidity & solvency by counter-cyclically raising bank capital cushions.
THis is all going down exactly as Bernanke planned, including the "Oh my gosh, I made some mistakes. Sorry!" story. If the goal really was to fix the economy, help the middle class, grow employment, etc. then of course he will now simply plead ignorance and claim he did his best. However, the goal was to maintain/grow power for the elite and at that, he was wildly successful.
Thanks Bennie! Glad you could profit off of your mistakes. We're still digging out from your mistakes and will be for years to come.
Signed: The middle class.
I have the guillotine ready to go.
Just as Bernie didn't understand the impact of subprime, he, nor anyone else at the Fed, similarly don't understand the full cycle impact if ZIRP. It isn't free and it has a very nasty bite on the other side.
Pretend to be stupid, while enriching the same group, that all the previous Fed chairmen also enriched, while also pretending to be stupid... hmmm...