• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Bernanke Admits More Of His Mistakes

Tyler Durden's picture




 

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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Wed, 03/05/2014 - 10:34 | 4511386 BeetleBailey
BeetleBailey's picture

BB needs to be hooked up to a polygraph, waterboarded, and get electro-shock treatment.....

 

JUST FOR FUN!

 

THEN....ask him to reveal more....

Wed, 03/05/2014 - 10:36 | 4511393 Rodders75
Rodders75's picture

You're too kind. But if you're talking about electro shocks to his hairy, sweaty nuts then I take that back. 

Wed, 03/05/2014 - 10:37 | 4511401 Divided States ...
Divided States of America's picture

The biggest mistake is he is a zionist mofo.

Wed, 03/05/2014 - 10:43 | 4511425 johnQpublic
johnQpublic's picture

i really dislike this guy

i think i'll unfriend him on facebook

 

 

Wed, 03/05/2014 - 10:44 | 4511428 MagicHandPuppet
MagicHandPuppet's picture

When should we expect his "suicided" expiration date to be?

Wed, 03/05/2014 - 10:51 | 4511464 johnQpublic
johnQpublic's picture

never unfortunately

Wed, 03/05/2014 - 10:56 | 4511493 overmedicatedun...
overmedicatedundersexed's picture

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.

Wed, 03/05/2014 - 11:07 | 4511574 nope-1004
nope-1004's picture

 

 

  • *BERNANKE'S POLICIES SO EFFECTIVE HE QUIT
Wed, 03/05/2014 - 11:01 | 4511542 Town Crier
Town Crier's picture

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.  

Wed, 03/05/2014 - 10:45 | 4511434 TahoeBilly2012
TahoeBilly2012's picture

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.

Wed, 03/05/2014 - 10:45 | 4511435 NoDebt
NoDebt's picture

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.

Wed, 03/05/2014 - 10:45 | 4511436 El Oregonian
El Oregonian's picture

He's nothing more than a manipulated puppet screw-up. Nothing more.

Wed, 03/05/2014 - 10:52 | 4511456 sunaJ
sunaJ's picture

"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.

Wed, 03/05/2014 - 12:09 | 4511963 Woodyg
Woodyg's picture

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?

Wed, 03/05/2014 - 11:08 | 4511583 williambanzai7
williambanzai7's picture

Wed, 03/05/2014 - 11:09 | 4511590 BandGap
BandGap's picture

One can only hope for justice, William.

Wed, 03/05/2014 - 11:42 | 4511781 NoDebt
NoDebt's picture

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.

 

Wed, 03/05/2014 - 11:48 | 4511826 Ignatius
Ignatius's picture

WB7 does absolutely nail it from time to time.

Wed, 03/05/2014 - 11:54 | 4511860 PLJson
PLJson's picture

What do you tell a wife with two black eyes?  Nothing...you already told her twice!

Wed, 03/05/2014 - 10:52 | 4511466 BandGap
BandGap's picture

Who cares? This is what "they" get when they trot this asshole out after his tenure -

  • Waste of time considering "what could ahve been done" - not like they are going to correct anything
  • Takes focus away from what is currently going on - another win, it's not like "they" aren't still robbbing us blind
  • Allows us to attack someone who clearly doesn't give a shit. Hey, hand me 100 million and you can say anything you want about me.
  • False sense of "new". Yellen gets to do all those things that "didn't work" for Ben. Think about it.

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.

Wed, 03/05/2014 - 10:34 | 4511388 highly debtful
highly debtful's picture

Why are these guys always granted an extremely well paid afterlife?

Wed, 03/05/2014 - 10:37 | 4511397 WhyDoesItHurtWh...
WhyDoesItHurtWhen iPee's picture

BernanQE sold his soul for fiat.

Wed, 03/05/2014 - 10:56 | 4511499 Boris Alatovkrap
Boris Alatovkrap's picture

Fiat is get ripped off because Bernanke is no soul.

Wed, 03/05/2014 - 10:37 | 4511407 Boris Alatovkrap
Boris Alatovkrap's picture

Lucifer is has great pension plan for minion.

Wed, 03/05/2014 - 10:44 | 4511430 TeamDepends
TeamDepends's picture

"Pension" anagram:  no penis

Wed, 03/05/2014 - 10:56 | 4511489 Boris Alatovkrap
Boris Alatovkrap's picture

Or "Open Sin" (Not sure what is mean, but anagram is fun entertaining)

Wed, 03/05/2014 - 10:44 | 4511429 Comte d'herblay
Comte d'herblay's picture

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. 

 

Wed, 03/05/2014 - 10:49 | 4511450 Kayman
Kayman's picture

"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.

Wed, 03/05/2014 - 10:55 | 4511485 BandGap
BandGap's picture

To keep their mouths shut and continue shilling for the current life.

Wed, 03/05/2014 - 13:25 | 4512309 Chief Wonder Bread
Chief Wonder Bread's picture

-- 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).

Wed, 03/05/2014 - 10:35 | 4511392 Pareto
Pareto's picture

"Mr. Chairman, can I ask you, do you do your own grocery shopping?", or "So, Mr. Chairman, is gold money?" (Ron Paul, 2012).

Wed, 03/05/2014 - 11:15 | 4511628 ejmoosa
ejmoosa's picture

I bet the cocksucker is buying gold now.

Wed, 03/05/2014 - 10:36 | 4511394 Max Damage
Max Damage's picture

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

Wed, 03/05/2014 - 10:36 | 4511395 Boris Alatovkrap
Boris Alatovkrap's picture

If Bernanke is write memoir about mistake only, is very large tome.

Wed, 03/05/2014 - 10:44 | 4511431 johnQpublic
johnQpublic's picture

is making 'war and peace' look like comic book

Wed, 03/05/2014 - 11:36 | 4511738 Boris Alatovkrap
Boris Alatovkrap's picture

Is only make war, no peace for Uncle Ben.

Wed, 03/05/2014 - 11:00 | 4511529 icanhasbailout
icanhasbailout's picture

I got an advance copy. All he did was enter a thousand pages of ones and zeroes and hit "print".

Wed, 03/05/2014 - 11:38 | 4511745 Boris Alatovkrap
Boris Alatovkrap's picture

Now is print, distribution channel is drop from helicopter.

Wed, 03/05/2014 - 10:37 | 4511398 medium giraffe
medium giraffe's picture

Has he apologised for being born yet?

Wed, 03/05/2014 - 10:37 | 4511400 Cursive
Cursive's picture

Only in modern times would someone be paid for giving a confession.  Hey people, this is a free and private service to Catholics.

Wed, 03/05/2014 - 10:37 | 4511404 TeamDepends
TeamDepends's picture

"Irrational exuberence" is taken, Benny.

Wed, 03/05/2014 - 11:50 | 4511836 Ignatius
Ignatius's picture

Is "oops" still available?

Incompetence.  What a 'cover'.

Wed, 03/05/2014 - 10:37 | 4511406 Theta_Burn
Theta_Burn's picture

Other than the huge payday.

The consequences will be?

Wed, 03/05/2014 - 10:48 | 4511426 Grande Tetons
Grande Tetons's picture

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....

Wed, 03/05/2014 - 10:39 | 4511410 Charles Nelson ...
Charles Nelson Reilly's picture

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!

Wed, 03/05/2014 - 10:47 | 4511443 Maximilien Robe...
Maximilien Robespierre's picture

Charles, come on.  "Asset prices are determined by the free market".  You should know that by now.

Wed, 03/05/2014 - 10:48 | 4511444 fonzannoon
fonzannoon's picture

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. 

Wed, 03/05/2014 - 10:50 | 4511457 johnQpublic
johnQpublic's picture

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

Wed, 03/05/2014 - 10:54 | 4511471 Maximilien Robe...
Maximilien Robespierre's picture

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

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