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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

Wed, 03/05/2014 - 11:00 | 4511520 Charles Nelson ...
Charles Nelson Reilly's picture

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.

Wed, 03/05/2014 - 11:18 | 4511643 RaceToTheBottom
RaceToTheBottom's picture

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

Wed, 03/05/2014 - 12:09 | 4511967 Maximilien Robe...
Maximilien Robespierre's picture

Charles Nelson.  Meet Raymond K. Hessel.   

http://www.youtube.com/watch?v=kYHhCOUzumQ

Until then.  Keep submitting.

 

Wed, 03/05/2014 - 10:48 | 4511445 johnQpublic
johnQpublic's picture

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

Wed, 03/05/2014 - 10:53 | 4511469 Kayman
Kayman's picture

Charles Nelson ...

   Uhh... time to trade in the wife.

Wed, 03/05/2014 - 11:30 | 4511696 I Write Code
I Write Code's picture

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.

Wed, 03/05/2014 - 10:39 | 4511411 Tall Tom
Tall Tom's picture

He needs to admit that breathing was his first mistake.

Wed, 03/05/2014 - 10:46 | 4511438 Tall Tom
Tall Tom's picture

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.

Wed, 03/05/2014 - 10:56 | 4511494 RaceToTheBottom
RaceToTheBottom's picture

"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...

Wed, 03/05/2014 - 10:41 | 4511422 i_call_you_my_base
i_call_you_my_base's picture

He's going to spend the next five years trying to whitewash his record.

Wed, 03/05/2014 - 10:43 | 4511424 Smegley Wanxalot
Smegley Wanxalot's picture

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.

Wed, 03/05/2014 - 10:44 | 4511427 overmedicatedun...
overmedicatedundersexed's picture

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.

Wed, 03/05/2014 - 10:48 | 4511446 RaceToTheBottom
RaceToTheBottom's picture

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....

Wed, 03/05/2014 - 10:57 | 4511503 Kayman
Kayman's picture

RaceToTheBottom

Look at the Fed chairman's salary as the down payment.

Wed, 03/05/2014 - 10:49 | 4511451 Elliptico
Elliptico's picture

In other words, he failed.

Wed, 03/05/2014 - 10:49 | 4511452 LawsofPhysics
LawsofPhysics's picture

Please, Ben is a useless paper-pushing puppet doing exactly what his masters tell him.

Wed, 03/05/2014 - 10:50 | 4511459 GrinandBearit
GrinandBearit's picture

He needs to be tortured, beaten and hanged.

Wed, 03/05/2014 - 10:56 | 4511467 Catullus
Catullus's picture

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.

Wed, 03/05/2014 - 11:40 | 4511765 I Write Code
I Write Code's picture

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.

Wed, 03/05/2014 - 12:37 | 4512110 Catullus
Catullus's picture

I read a book called "Black Swan" that says the quants were never going to get it right.

Wed, 03/05/2014 - 10:54 | 4511477 sschu
sschu's picture

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

 

 

Wed, 03/05/2014 - 11:01 | 4511546 TSTM
TSTM's picture

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.

Wed, 03/05/2014 - 10:58 | 4511512 Element
Element's picture

What doesn't he just shutup?

Wed, 03/05/2014 - 11:03 | 4511555 slackrabbit
slackrabbit's picture

I never saw it coming...

Yea right!

Wed, 03/05/2014 - 11:07 | 4511573 RaceToTheBottom
RaceToTheBottom's picture

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.

Wed, 03/05/2014 - 11:07 | 4511575 ejmoosa
ejmoosa's picture

Did this bastard not repeatedly testify in Congress, and he never admitted any of these things.

 

He should be charged with perjury, and jailed.

Wed, 03/05/2014 - 11:13 | 4511613 agent default
agent default's picture

I demand a full refund from that asshole.

Wed, 03/05/2014 - 11:15 | 4511624 Rising Sun
Rising Sun's picture

burn in hell Ben!!!!

Wed, 03/05/2014 - 11:16 | 4511633 ptoemmes
ptoemmes's picture

Clearly the weather affected his thinking.

Wed, 03/05/2014 - 11:23 | 4511668 buzzsaw99
buzzsaw99's picture

fuk the bernank. you go to hell and you die! [/mr. garrison]

Wed, 03/05/2014 - 11:31 | 4511705 Seasmoke
Seasmoke's picture

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 

Wed, 03/05/2014 - 12:08 | 4511965 Bioscale
Bioscale's picture

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.

 

Wed, 03/05/2014 - 12:35 | 4512094 flow5
flow5's picture

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.

Wed, 03/05/2014 - 13:37 | 4512415 Edge.case
Edge.case's picture

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. 

 

Wed, 03/05/2014 - 13:54 | 4512504 kilshaw
kilshaw's picture

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. 

Wed, 03/05/2014 - 13:55 | 4512508 homiegot
homiegot's picture

I have the guillotine ready to go.

Wed, 03/05/2014 - 16:56 | 4513428 Midnight Rider
Midnight Rider's picture

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.

Wed, 03/05/2014 - 18:26 | 4513845 ILikeBoats
ILikeBoats's picture

Pretend to be stupid, while enriching the same group, that all the previous Fed chairmen also enriched, while also pretending to be stupid... hmmm...

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