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And Scene: Ben Bernanke Says More People Should Have Gone To Jail For Causing The Great Recession
For those who may be unfamiliar - which would mean roughly 90% of the US population who believe the Federal Reserve is a national park - Ben Bernanke was Fed chairman from 2006 until 2014. He is better known as the Fed chairman who never launched a tightening cycle during his tenure. He is best known for not only bailing out Wall Street from the folly of his and his predecessor's bubble-creating monetary policy and boosting the Fed's balance sheet to $4.5 trillion, but also for the following selection of quotes:
10/1/00 – Article published in Foreign Policy Magazine
A collapse in U.S. stock prices certainly would cause a lot of white knuckles on Wall Street. But what effect would it have on the broader U.S. economy? If Wall Street crashes, does Main Street follow? Not necessarily.
7/1/05 – Interview on CNBC
INTERVIEWER: Ben, there's been a lot of talk about a housing bubble, particularly, you know [inaudible] from all sorts of places. Can you give us your view as to whether or not there is a housing bubble out there?
BERNANKE: Well, unquestionably, housing prices are up quite a bit; I think it's important to note that fundamentals are also very strong. We've got a growing economy, jobs, incomes. We've got very low mortgage rates. We've got demographics supporting housing growth. We've got restricted supply in some places. So it's certainly understandable that prices would go up some. I don't know whether prices are exactly where they should be, but I think it's fair to say that much of what's happened is supported by the strength of the economy.
7/1/05 – Interview on CNBC
INTERVIEWER: Tell me, what is the worst-case scenario? We have so many economists coming on our air saying ‘Oh, this is a bubble, and it’s going to burst, and this is going to be a real issue for the economy.’ Some say it could even cause a recession at some point. What is the worst-case scenario if in fact we were to see prices come down substantially across the country?
BERNANKE: Well, I guess I don’t buy your premise. It’s a pretty unlikely possibility. We’ve never had a decline in house prices on a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s gonna drive the economy too far from its full employment path, though.
10/20/05 – Testimony before the Joint Economic Committee, Congress
House prices have risen by nearly 25 percent over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals.
11/15/05 – Confirmation Hearing before Senate Banking Committee
SEN. SARBANES: Warren Buffet has warned us that derivatives are time bombs, both for the parties that deal in them and the economic system. The Financial Times has said so far, there has been no explosion, but the risks of this fast growing market remain real. How do you respond to these concerns?
BERNANKE: I am more sanguine about derivatives than the position you have just suggested. I think, generally speaking, they are very valuable… With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly. The Federal Reserve’s responsibility is to make sure that the institutions it regulates have good systems and good procedures for ensuring that their derivatives portfolios are well-managed and do not create excessive risk in their institutions.
3/6/07 – At bankers’ conference in Honolulu, Hawaii… as delinquencies in the subprime mortgage sector rise
The credit risks associated with an affordable-housing portfolio need not be any greater than mortgage portfolios generally.
3/28/07 – Testimony before the Joint Economic Committee, Congress
Although the turmoil in the subprime mortgage market has created severe financial problems for many individuals and families, the implications of these developments for the housing market as a whole are less clear…At this juncture, however, the impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained.
5/17/07 – Remarks before the Federal Reserve Board of Chicago
...we believe the effect of the troubles in the subprime sector on the broader housing market will likely be limited, and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system. The vast majority of mortgages, including even subprime mortgages, continue to perform well.
8/31/07 – Remarks at the Fed Economic Symposium in Jackson Hole
It is not the responsibility of the Federal Reserve--nor would it be appropriate--to protect lenders and investors from the consequences of their financial decisions. But developments in financial markets can have broad economic effects felt by many outside the markets, and the Federal Reserve must take those effects into account when determining policy.
1/10/08 – Response to a Question after Speech in Washington, D.C.
The Federal Reserve is not currently forecasting a recession.
2/27/08 – Testimony before the Senate Banking Committee
I expect there will be some failures [among smaller regional banks]… Among the largest banks, the capital ratios remain good and I don’t anticipate any serious problems of that sort among the large, internationally active banks that make up a very substantial part of our banking system.
4/2/08 – New York Times article after the collapse of Bear Stearns
“In separate comments, Mr. Bernanke went further than he had in the past, suggesting that the Fed would remain aggressive and vigilant to prevent a repetition of a collapse like that of Bear Stearns, though he said he saw no such problems on the horizon.”
6/10/08 – Remarks before a bankers’ conference in Chatham, Massachusetts
The risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.
7/16/08 – Testimony before House Financial Services Committee
[Fannie Mae and Freddie Mac are] adequately capitalized. They are in no danger of failing… [However,] the weakness in market confidence is having real effects as their stock prices fall, and it’s difficult for them to raise capital.
I see the financial markets as already quite fragile. The credit markets aren’t working. Corporations aren’t able to finance themselves through commercial paper. Even if the situation stayed as it did today, that would be a significant drag on the economy.
3/16/09 – Interview on CBS’s 60 Minutes
It’s absolutely unfair that taxpayer dollars are going to prop up a company (AIG) that made these terrible bets, that was operating out of the sight of regulators.
5/5/09 – Response to Questioning at Senate Joint Economic Committee Hearing
The forecast we have is for the economy, in terms of growth, to begin to turn up later this year, but initially not to grow at the rate of potential, which means that unemployment and resource slack will continue to rise into 2010. We think that the unemployment rate will probably peak early in 2010 and then come down relatively slowly after that. Um, currently, we don’t think it’s going to get to 10 percent, we’re somewhere in the 9’s, but clearly, that’s way too high.
7/21/09 – Testimony before the House Committee on Financial Services
A perceived loss of monetary policy independence could raise fears about future inflation, leading to higher long-term interest rates and reduced economic and financial stability.
... Or summarized:
And then earlier this year, when we learned that Bernanke's memoir titled "The Courage To Act" is coming out, he added another quote:
“When the economic well-being of their nation demanded a strong and creative response, my colleagues at the Federal Reserve, policymakers and staff alike, mustered the moral courage to do what was necessary, often in the face of bitter criticism and condemnation. I am grateful to all of them.”
Why do we bring this up?
Two reasons:
First, tomorrow Ben Bernanke will be on CNBC's Squawk Box to promote his book, the same CNBC which from a credible financial channel has metamorphosed into an outlet whose only purpose is to cheerlead the stock market and get as many people invested in the next and final Ponzi as possible. He will also discuss the disastrous state of the post-post-bubble economy and the latest plunge in payrolls.
Second, today as part of the same book promotion tour (supposedly because nobody wants to pay Bernanke $250,000 to listen to an hour of bullshit now that the Fed no longer has credibility) he had this exchange with the USA Today's Susan Page:
Q. Should somebody have gone to jail.
Bernanke: Yeah, yeah I think so. I have objected for a long time - the Department of Justice is responsible for that.
A quick tangent here: in March 2013 former US Attorney General Eric Holder told Senator Chuck Grassley that the size of some institutions is so big "that it does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy. And I think that is a function of the fact that some of these institutions have become too large."
Nuf said. Continuing with Bernanke's answer:
Bernanke: A lot of [the DOJ's] efforts have been to indict or threaten to indict financial firms. Now financial firm, of course, is a legal fiction. It's not a person, you can't put a financial firm in jail. It would have been my preference to have more investigation of individual actions as obviously everything that went wrong, or was illegal, was done by some individual not by an abstract firm.
So something like the Federal reserve being an "abstract firm" versus people like Ben Bernanke who were actual individuals?
The whole thing is 4:20 into the exchange.
We thoroughly agree with Bernanke that more people who were responsible for the biggest economic collapse in history should have gone to jail, starting, of course, with Ben Bernanke himself.
However, as even Bernanke himself now points out, with the entire judicial and legislative system now a supreme farce, explicitly in the pocket of corporations and Wall Street banks, we aren't holding our breath.
Then again, after the next, and final financial crash - one that wipes out the paper wealth of America - and the one that finally destroys the central-bank/central-planning model, putting an end to Keynesian economics as well as fiat currency, ironically the safest place for people like Bernanke as the revolutionary mob approaches would be, well, jail.
We doubt the irony of this will be appreciated by Ben.
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Aww fuck...I just ate too...*burrp*
Ha! The pot calling the kettle black!
What fukin' hubris!
Bermonkey trying to re-write history to save his miserable "legacy."
Stay clear of lampposts, Bennie-Boy.
bernanke: yadda yadda yadda.
someone else (me) to the same audience:
question: are we ruled by exceptionally evil people who care nothing for the well being of the lower 99%?
question: do you like this or would you chance a change?
answer: likely the only way to beat these people, the worst parts of the u.s. government, of the transnational corporations, of the zionists, probably of organized crime and some others unknown, is through 9-11. it's by far the biggest, most evil, and most provably poorly executed blunder by these "folks".
it is not yesterday's news. there is no statute of limitations on treason or murder.
the day will be won mind by mind. do your part
the emperor has no clothes.
doesn't take money, or weapons, or even breaking the law, yet.
mind by mind. do your part.
https://www.youtube.com/watch?v=OsoY3AIRUGA.
https://www.youtube.com/watch?v=0GNww9cmZPo
http://www.luogocomune.net/site/modules/sections/index.php?op=viewarticl...
Bernanke Says More People Should Have Gone To Jail
More people? MORE PEOPLE!
Did anyone go to jail?
well one is more than zero but i gave you your first up vote.
Jail for a few patsies doesn't solve anything. The entire clan responsible needs to be quarantined at the least.
Anything less is just a BandAid on cancer.
Hey Ben Shalom dude..
Do you mean like go to the joint for claiming that gold is not money in testimony before Congress?
Or do you mean counterfeiting trillions of bank notes to enrich a few Is not a punishable offense?
Or maybe that passing off the privately issued “Federal Reserve” Note as a constitutionally legal United States dollar is not fraud and deserving of a stretch in the pen?
For those looking for criminality, an indictment of Bernanke and the FOMC:
https://www.youtube.com/watch?v=jt377DV2BKs
Bernanke should have gone to jail himself. But he's a protected member of the Ivy League Mafia. Oh well. Just have to live with it.
"Just have to live with it."
Hell fukin' NO!
C'mon. Say it Bernank.
Hank Paulson and his mini-me should be arrested immediately,
Not hard. Was it?
Helicopter Ben should have been at the top of the list... Followed closely by every zionist banker on the east coast...
yeah - and he actually seems to nominate himself for the slammer here, people should have been in the can but the chairsatan of the fed didnt even mention it at the time?
More focus should have been put on another one of the quotes: "Every time I saw a bumper sticker which said, 'Where's my bailout?'. Might be reminding people that they should get a bailout in the next crisis in the form of helicopter money.
Hang that fucker Bernanke first, would be a great start.
Hey Ben, I'm talking to you asshole!
Round up the usual suspects.
Ben Bernanke belongs in jail.
He broke Section 2A of the Federal Reserve Act which is quite clear...
Federal Reserve Act Section 2A. Monetary policy objectivesThe Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy's long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.
[12 USC 225a. As added by act of November 16, 1977 (91 Stat. 1387) and amended by acts of October 27, 1978 (92 Stat. 1897); Aug. 23, 1988 (102 Stat. 1375); and Dec. 27, 2000 (114 Stat. 3028).]
In other words, debt can't go exponential to actualized national production as measured by GDP.
Lookee what Mr. Bernanke and his predecessor, Mr. Greenspan, did...
Image of Exponential Debt to GDP chart:
http://www.weaponsofmassdebt.com/files/cache/f5ef04b012806ba2bf40638e8ba...
Note that the Fed's mandate is SINGULAR. The EFFECTS of following the SINGULAR MANDATE are multiple - not even dual. They lie to the Muppets and the Muppets defend their captors much more often than not.
Also note that there are no penalties for breaking this "law."
Is it even a "law" if there are no penalties? Or, is it simply propaganda masquerading as law?
Promote maximum employment...not guarantee it
Stable prices...NOT the promotion of inflation
Moderate interest rates...NOT zero, for zero is not moderate by any measure
These are the mandates from the mission statement.....and the Fed violates each one in front of us all
JJ, I disagree. The mandate is singular.
It is to keep credit and monetary aggregates commensurate with the long term productive capacity of the country (ie, GDP growth).
The EXPECTED RESULTS OF FOLLOWING THAT SINGULAR MANDATE are as you say.
But the expected results are just that, and they aren't the mandate itself.
The Fed and establishment counterfeited the expected results of the singular mandate BECAUSE THEY HAD NO INTENTION OF KEEPING THE SINGULAR MANDATE.
Of course, you are right that they lied about the expected results as well.
Lies all around.
The Chief of the murkily-owned Federal Reserve shows a brazenness I did not expect to see.
He knew what was going on... How could it be otherwise?
Yes at least Someone should have went to jail and its not some middle manager Indian dude, and the statute of limitations does not apply to fraud, which cases can be brought up indefinately- So Its not to late to start Mr. should have
But You Mr Benarke, need to be put up in front of a firing squad. without a trial.
Since Bernanke is part of the same group of private bankers that caused the Great Depression he seems to be implying that he should go to jail.
Since Bernanke is part of the same group of private bankers that caused the Great Depression he seems to be implying that he should go to jail.
Not Me though, just more except me.
What's up with the fucking taking up a whole page with your bullshit. Motherfucker keep it brief. No one really gives a shit about your drivel.
Didn't Greenspan have a "come to jesus" moment a few months back? It was in that same vein....I want history to be kind to me...and I really don't like lampposts.
Speaking of lampposts, has anybody asked Janet Yellen why she has been fainting? I bet she wishes she were in John Boehner or eric cantor's shoes right now. Hey Janet!!!!! How do spell B A G H O L D E R??
Bernanke has a quiver in his voice when he lies....
Is it live or is it Memorex The Onion?
He should be tried for treason.
Is he doing a book signing tour? That would be incredibly brave or stupid of him - to announce he will be at this place, at this time. Unless he has massive security, his safety will be in jeopardy. There are a lot of very angry people out there.
i believe polonium is currently unavailable on amazon. and that's ok.
That's right. I just checked. Polonium is harder to get than Perth silver eagles. It seems that Vladimir Hunt..er ah..that would be Vladimir Putin has cornered the market on it. After it all, it is one of those really heavy metals and it is rare. In the center of the second row from the bottom on the periodic chart????
I hear that Vlad is getting tired of John Kerry calling him a "meanie" and other nasty words.
Memo to John Kerry:
Try to be nice on the playground. Oh. And don't develop a taste for tea.
AGREED. What a completely slimy motherfucker.
"Gee, I sure wish we could have held someone accountable for all of this. I sure feel terrible over it."
As a sitting Fed Chair it would have carried some weight.
Now he just wants to sell books.
Hindsite is 20/20.
Look at that smirk.
He is the kinda guy that you slap not punch. A nice slap to the side of the head with a 2x4.
Right turn, Clyde.
the bernank is a pig
Whether you are referring to swine mammals or law enforcement, there is no reason to insult either by comparing them to Ben Shalom Bernanke.
I can't wait for the flames of hell to singe that fucking beard off his smirky little fucking criminal ass face. Burn bitch!
It's not too late . . . to send that rapscallion to the gibbet!
It appears Ben has been hitting the matzo balls pretty hard.
I heard he entered a Rob Reiner look-a-like contest.
… prison food does that to you.
he deserves the mussolini treatment - minimum!
The next thing Berstankass will be saying is "BUY GOLD!!! I TOLD YOU IT WAS REAL MONEY!!!"
Yep.
http://beforeitsnews.com/financial-markets/2014/10/alan-greenspan-gold-i...
What's the statute of limitations for this kinda bullshit? I'm guessing it's passed, and Benny is trying to
spit shine his turd of a legacy. Sadly, with his ilk getting to record history he'll probably succeed. Fucker.
well since you asked, in addition to kidnapping, murder and treason, there is no statute of limitations on fraud. that's because creditors help write the laws. however the link is, imo, not authoritative. i tried.
http://banktalk.org/2012/04/26/six-crimes-with-no-statute-of-limitations
So why doesn't he man up and volunteer to set the example in a Brooks Brothers orange jumpsuit?
What can you say about these government ivy league mother fuckers? I mean there are no words for the level of lies.
"more people who were responsible for the biggest economic collapse in history should have gone to jail"
WTF?...NOBODY went to jail, NOBODY was held accountible.
Some were suicided.
Bernanke should turn himself in to the Federal prison to begin serving a 30 year sentence.
It's interesting. I was reading posts earlier today on a jewish website where they discussed maxing out debt (student loans, credit cards, etc.) and then "making Aliyah" (fleeing to Israel) leaving American taxpayers and private creditors stuck with covering their debts because creditors would not have power in Israel.
Nice system huh? What a world. This was several different posters. I'll see if I can find it again.
It would be worth it just to get rid of them.
Here's another: http://samsonblinded.org/blog/about/
"Wherever this site or its authors advocates expulsion of Arabs from the Land of Israel, annexing Judea, Samaria, and Gaza, and cruel retaliation against Israel’s enemies, it is implied that all such acts should be committed legally, by prior adopting the necessary laws.
"Our sole intention in regards to those acts is influencing the Knesset to adopt the necessary laws which would facilitate relocation of Arabs to Jordan, annexing the core Jewish territories, and retaliating in full force against Israel’s enemies. Neither this site, nor any of its authors advocates genocide."</i>
Imagine that. Commit genocide against one's neighbors but make it "legal" first. Sounds a lot like the Old Testament (aka "god dun told us to do it") to me.
Of course when advocating genocide, make sure you state that you do not advocate genocide.
HYPOCRITES AND PHARISEES NO KIDDING!!!!
http://www.amazon.com/Against-Our-Better-Judgment-History/dp/149591092X
4:20! Time to smoke up and listen to more lies.
:)
Baseball bat - meet fat weasel head.
That's what William Black told you 6 Fucking Years ago !!!!!! Fuck You Ben. I'm sick of these scumbags.
I looked up the definition of 'chump' recently and saw his picture.
A true piece of work.
History should be unkind to him. He deserves it.
Dr. Bernanke,
Did YOU coexist in silence with these histories' absence from the public eye??
http://showrealhist.com/yTRIAL.html
Kind of makes you vomit and have to swallow. Ben is seeking a immunity stake, rather than prosecution.
Maybe Bernanke was on the Clinton email chain list. Time to gas these fucker's.
you used an excessive apostrophe. but gave me a chuckle.
Thank goodness a excessive apostrophe doesn't equate to printing counterfeit money. My grammar mistake could land me life in prison.
/sarc
Bernanke is obviously referring to Greenspan.
If we start building the gallows now, no one has to go to prison. Jail is short term. Waiting for the hangman short.
I'm surprised someone hasn't built a gallows in the front yard, with signs above three nooses reading Bush, Obama, Bernanke.
I have Ben Bernanke booked on the first flight of Extraordinary Rendition Airlines, and his Irony Appreciation Course is starting classes in the first half hour of his flight sitting next to Paul Wolfowitz, and Dick Cheney.
do you need a stewardess?
does the order still stand, mr. cheney?
render them all to Libya - I am certain there are scores to be settled there. win-win
include bozo and hildabeast while you are at it...
ALL the KIKES that run the banking ponzi-fraud should be in jail.
Has that kike looked in the mirror lately?
Financial rapists rarely feel remorse for their victims.
Because global warming is a national security, we'll use kosher muster gas and heinz ( HIENTS) ketchup.
So he wants himself in jail.
Bernie Madoff is lonely in his bunk.
And the Don (that enabled the greatest crime in history) should have been beheaded long ago.
It's never too late to "shoulder" the burden of your actions...
"Ben Bernanke Says More People Should Have Gone To Jail For Causing The Great Recession"
lets start with you mr bernankike
you know how once you see something for the first time you still sometimes say "oh, that's obvious" even though you never saw it before?
you're talking four syllables there, right?
Fuck you, Bernanke.
Bernanke is a weakling and a hypocrite. He could have done something different, something to help the world and its people. Instead he decided to be a criminal tool of the elitist parasites.
Bernanke should now just go away, enjoy the spoils of his crimes and lies and never bother the world again.
first i wanted to say i agreed with the first paragraph but thought confession and penance would be a better second paragraph.
on reflection you have the best we can hope for (until something changes, see above).
Led Zeppelin - The Song Remains The Same (2014 Remaster)
http://www.youtube.com/watch?v=q06sSvJ_Osk (5:29)
Ramble on - prob more appropriate.
A TOTAL FUCKING PIECE OF HUMAN EXCREMENT!!!!!!!!!!!!!!!!!!!!!!!!!
he admits nothing the FED does works... we are fucked
If he actually believed that and if he was actually calling the shots (and not just reading the script the staff prepared for him as the John Titus video "They Came From Planet Klepto" suggests) then he shouldn't have spent $2.5 Trillion buying up mortgage backed securities that he could have gotten for 5% of that amount and that have been sequestered at the Fed simply to hide evidence of the fraud committed in that market by the banks that own the Fed.
But, of course he's just trying to protect his reputation from his previous actions and omissions. He never did jack 5hit to see that criminals were punished when he had the chance.
DEATH TO THE ZIONISMS!!!
lolol. HAAAhhAAAAHHHHAAAAA . What a jerk.
Another piece of shit I would not piss on if he was on fire. We need a stupid mainstream show that points out to the masses how these fucks have raped individuals and this country. Like a show the walking dead but points to the criminal behavior of these asshats
Another piece of shit I would not piss on if he was on fire. We need a stupid mainstream show that points out to the masses how these fucks have raped individuals and this country. Like a show the walking dead but points to the criminal behavior of these asshats
We returned from Boca Raton Jewville two days ago. If hindsight was 20/20, would have stopped at jekyll island. We knew the storm was coming up the coast. Sitting tight in Hilton Head Island until the roads clear. Back home to Charleston, SC.
It sucks to have a place to stay without paying a dime. We can leave without having to watch a commercial.
;p
It's not even worth getting pissed off about anymore. They just did it. They make up the rules as they go.
He is supposed to be the one who really "Knows" the economy.
1/10/08 – Response to a Question after Speech in Washington, D.C.
The Federal Reserve is not currently forecasting a recession.
2/27/08 – Testimony before the Senate Banking Committee
I expect there will be some failures [among smaller regional banks]… Among the largest banks, the capital ratios remain good and I don’t anticipate any serious problems of that sort among the large, internationally active banks that make up a very substantial part of our banking system.
4/2/08 – New York Times article after the collapse of Bear Stearns
“In separate comments, Mr. Bernanke went further than he had in the past, suggesting that the Fed would remain aggressive and vigilant to prevent a repetition of a collapse like that of Bear Stearns, though he said he saw no such problems on the horizon.”
6/10/08 – Remarks before a bankers’ conference in Chatham, Massachusetts
The risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.
BOW TO KING BULLSHIT!
I mean looking back now on that WOW..... I bow to king B.S. For him to keep a straight face for some of those responses? In certain answers I think I can see Janet puking in the background..... I get it now, Im sure it can be a bit nerve racking telling all the lies and everything. Does anyone believe this establishment still? The faces have changed, but the name is still the same, its THE FED.
Allow me to translate this for you
Bernake-"Everyone other than me is responsible for the mess that is about to come. By coming out and criticising the position that i used to fill, I want you to ignore that fact that I used to fill it. I am on your side and everything is not my fault"
Smh. One punch, just one punch is all I want.
If anyone is not clear about official charges made against Bennie ..
And what was Bennie doing before the head of the FED?
Look up 'pentiti.' What happened here since '92? Someone have to redeem himself for the silver, instead of the lead?
Ben became desensitized during his Jackson buttfuck summits. He must have buyers remorse.
I have a million one liners regarding the Federal Reserve. Will call it a night on this thread.
Hang that fuller from the highest tree.
LOL, the Just-Us department.
Eric Holder did nothing. Just a place Holder.
Eric Holder and the Just-Us department did threaten S&P when they warned about downgrading the US credit rating.
Ben must be talking about the Federal Reserve.
It is IMPOSSIBLE to fix the MAD Money As Debt systems, other than through their own MAD self-destruction.
Bernanke was selected to be the figurehead of the single greatest institution in the world that is built upon governments ENFORCING FRAUDS by privately controlled banks. The EXISTENCE of the Federal Reserve Board, as the American King of Fraud, demonstrates the ways that the application of the principles and methods of organized crime through POLITICAL FUNDING drives vicious spirals of ENFORCING FRAUDS, which become runaway criminal insanities.
That "We the People" gave away the power to make the public money supply to privately controlled banks, which banks could then legally make that public "money" supply out of nothing as debts, as FRAUDS ENFORCED by governments, was due to the persistent and prolonged application of the methods of organized crime through the political processes, which has driven the entire political economy to become criminally insane.
That any banksters superfluously engaged in particular activities which were still criminal according to the established laws is NOTHING compared to the ways that the entire financial system is based upon governments ENFORCING FRAUDS by privately controlled banks. The whole system is based on legalized lies, backed by legalized violence. The whole system is psychotic, because the whole system is based upon fundamentally fraudulent financial accounting systems.
There would be no significant difference made by scapegoating any particular banksters. The only thing that would be sufficiently significant would be a real, radical revolution to change who has the power to issue the public money supply. Since money is measurement backed by murder, to change the public money supply would require changing the public murder systems that back that up. However, since the public money supply has already been about 99% privatized, while the public murder system has been roughly 75% privatized, it is way too late to fix any of those problems within those established systems.
The EXISTENCE of the Federal Reserve Board symbolically represents the overall globalized institution of DEBT SLAVERY, whose structure automatically and necessarily has driven itself to manifest debt insanities. It is politically impossible within the systems whereby POLITICAL FUNDING ENFORCES FRAUDS to fix their own problems. There is nothing left but to wait and watch as the debt insanities get worse, faster, and provoke death insanities as the consequence.
William K. Black's book, "the best way to rob a bank is to own one," was about a time in history when control frauds still resulted in some individuals going to jail. However, in retrospect, nothing was changed, other than the banksters developing their abilities to continue to corrupt governments even more, so that nobody significant would go to jail for the excessively successful frauds that precipitated the 2008 financial crises.
There are no good reasons to believe that enough people would understand enough that MONEY IS MADE BY LAW, but the only connection between human laws and natural laws is the ability to back up lies with violence. Of course, Bernanke was spectacularly wrong in many of this most important predictions. He was selected to become the Fed Chairman because he was the best available professional liar and immaculate hypocrite to take that job.
For general elaboration, see my recent replies under:
Will The Failure Of Central Banking Lead To Global Bloodshed: The French Revolution Case StudyBernanke kept the established systems going by doubling down on creating "money" out of nothing as debts, which therefore deferred those debts on future generations. Since the debt controls were backed by the death controls, what he was also actually doing was deferring the death controls onto future generations.
By and large, most of the articles on Zero Hedge tend to present relatively superficial views of what is going wrong. The deeper reasons are that civilization has always been controlled by being able to back up lies with violence, which abilities have been pumped up and UP by many orders of magnitude by prodigious progress in physical science, while political science has done nothing more than entrench itself into an oxymoronic scientific dictatorship, that has applied the progress in physical science through sociopolitical systems based on sophisticated, integrated systems of legalized lies, backed by legalized violence, whose excessive successfulness necessarily drives civilization as a whole to become more psychotic and criminally insane.
The next rounds of financial crises are going to be way worse than the previous events. The established systems of globalized electronic monkey money frauds, backed by the threats of force from apes with atomic bombs, are the ways that civilization operates its ENFORCED FRAUDS at the present time. That is operated by people who become socially successful within systems that require them to be the best available professional liars and immaculate hypocrites, as Benanke was when he was Fed Chairman, and appears to still be.
The human species has become its own worst enemy, due to the history of successful warfare being based on backing up deceits with destruction morphing to become successful finance being based on governments ENFORCING FRAUDS by privately controlled banks. The excessively successfulness of doing that has resulted in civilization manifesting runaway criminal insanities. However, within the established systems of POLITICAL FUNDING ENFORCING FRAUDS there are no realistic resolutions which are politically possible to actually implement.
Natural selection pressures drove human artificial selection systems to become based on deceits and frauds. The entire structure of social pyramid systems is based on being able to back up lies with violence. That has become electronic frauds, backed by atomic bombs. HOWEVER, none of that ever stops those lies and frauds from still not being true, but rather, those continue to actually be false.
Civilization based upon governments ENFORCING FRAUDS by privately controlled banks is a civilization which is based upon deliberately ignoring the principle of the conservation of energy, as well as deliberately misunderstanding the concept of entropy in the most absurdly backward ways. The ways that the financial systems are based upon triumphant organized crime, driving bigger and bigger cycles of crises, due the inherently psychotic nature of that kind of social successfulness, is WAY WORSE than the overwhelming vast majority of people appreciate, since they still tend to only be looking at their degree of personal benefits, being derived from living inside of systems which are built on the basis of being able to strip-mine the natural resources of a fresh planet, through fundamentally fraudulent financial accounting systems, that enable the privatization of the personal profits, which then feedback through the funding of the political processes, while the socialization of the losses have little influence upon anything.
The overall trajectory is quite tragic. Human beings are high-grading themselves to hell. The political economy is based upon being able to back up lies with violence, in ways which will become more and MOAR PSYCHOTIC. However, it continues to be practically impossible to do anything to change that, because, in each short to medium term increment, being able to continue to back up lies with violence enables the political economy based upon ENFORCING FRAUDS to become more and MOAR CRIMINALLY INSANE.
In my opinion, people like Bernanke have perfected their abilities to remain willfully blind and deliberately ignorant, to the point of criminal negligence, at the least, while possibly there is runaway criminal insanity behind that. The MAD Money As Debt systems operate in ways which demand that those are based upon deliberately ignoring and misunderstanding the laws of nature as much as possible, while simultaneously doing so also with respect to the real relationships between human laws and natural laws.
The more progress there is in physical science, the more psychotic our political economy actually becomes. In that context, sending a few banksters to jail after the 2008 crises would have done practically nothing to fix those problems. The basic problems that civilization have are all due to the short-term successfulness of being able to back up lies with violence driving longer term consequences which get crazier and crazier, in proportion to how successfully was each short to medium term increment of ENFORCING FRAUDS.
Bernanke was merely another cog in that machine. He was merely another obvious example of a professional liar and immaculate hypocrite, who was selected for the job of Fed Chairman because that was what he was. Therefore, of course, one is not surprised to learn about his comments after he stopped being the Fed Chairman continuing to demonstrate that he is still a professional hypocrite.
However, the deeper issues are that the entire structure of Neolithic Civilization's social pyramid systems was all based upon being able to back up lies with violence, which is how and why progress in physical science, so far, actually makes the bigger problems get BIGGER, since, at the present time, it continues to be politically impossible to stop the vicious spirals of POLITICAL FUNDING ENFORCING FRAUDS.
This page is for short comments not two page letters no one will read!
This guy should be turning into a block of ice in a Siberian gulag covered in his own feces. Will someone please wipe that fucking infuriating smirk off of his face?
If you look at the person(s) the prosecuted then and for recent financial crimes, they are of middle eastern and indian descent.
You know the "typical" bankers that are running afoul of the financial system...
Okay, here's the 190 Billion Dollar question...
How many have gone to jail so far ?, Zip, Zippo, Nien, Zilch, Bupkis, Nadda, Zero
They've paid $190 Billion in Fines for Criminal acts, but you steal a car and your going to Jail. Imagine if you could steal a Porsche, pay a $1,000 fine and get in your Porsche and drive back to work.
Imagine if you could implilcate the mayor and the chief of police as your boss in a car theft ring? There is no way you would go to jail for stealing a Porsche or any car.
There is no way to convict individual bankers without making it very obvious that Bernanke, Paulson, Geither, and lots of others were fully aware of everything going on. EVERYTHING.
When Ken Lewis was on trial for causing severe losses at BankAmerica (for buying Merrill Lynch at inflated prices) -- it came out that BofA wanted to cancel the acquisition for material changes (Merrill had misstated its risk and worth). And more importantly, it came out that Henry Paulson blackmailed Lewis into going ahead with the acquisition anyway.
Suddenly, legal enforcement efforts stopped cold. When the mayor and chief of police help you steal a Porsche, you do not go to jail. When the Fed Chair and Treasury Secretary order you to commit securities mispricing -- you do not go to jail. When other federal regulators order you to make subprime loans to increase home ownership levels -- you do not go to jail without taking the regulators with you.
You can't convict banksters without making it obvious that Federal regulators were involved in every single crime. Bernanke knows this, he is just laughing at all the patsies who will now go out and buy his book, making themselves victims yet again.
In addition to Hank Paulson blackmailing Ken Lewis, how about Senator Chris Dodd getting special treatment (below market mortgage rates) from Countrywide to buy a house in Ireland?
How about Barney Frank running constant interference on anyone who pointed out FNMA was bankrupt, had no risk controls, and had been turned into an over-leveraged MBS hedge fund by Franklin Raines? Remember Barney Franks whining on the Senate floor that FNMA was solvent, and even if it admitted bankruptcy, it wouldn't cost taxpayers a dime?
In case anyone forgot, Dodd and Franks went on to author the self aggrandizing "Dodd Frank" financial reform act.
Every time the crooks in Washington tried to convict a crook on Wall Street, it just turned up even more dirt on the folks in Congress, the Treasury, the Fed, etc.
And Bernanke knows all of this, he just wants to see how many stupid idiots there are who will buy his book
It wasn't Senator Dodd getting a deal on his mortgage, it was the entire congress and their staffers also getting deals.
Ameriquest just put Congress and the President($) on their payroll.
After the bailout not 1 sitting member of Congress should have been re-elected, 90% returned.
Ben got a 1600 on his SATs. he is a god damned cosmonaut. not a central banker. He should have worked for the NIST or atleast the IRS ... not the FED.
BLAME BEN BERNANKE
I wish he was the only one in that Kunduz hospital that was bombed.
Real Question: Does this guy get a full time taxpayer funded bodyguard? Secret Service? He fuckin must, cause he talks like a man standing behind bullet proof glass.
Sounds like Bernanke is prejudicing the potential jury pool (everyone playing the stock market, buying a house, etc). He'll claim CNBC or USA today or whomever tricked him into a confession, and he didn't have an attorney present, yadda yadda yadda.
The District of Corruption decided several years back that Janet Yellen will take the fall for the Fed's crimes, not Bernanke, not Hank Paulson, and not Tim Geithner.
Of course there were bankers committing individual crimes, but the widespread nature of the fiasco should tell you this was much bigger than a broker selling trash to a dimwit client. One broker could easily slip through the cracks, but how could so many commit crimes without the folks at the top at least asking some questions? How could the Fed and Treasury do their jobs and not notice that something was up?
Henry Paulson literally blackmailed Ken Lewis (Bank America CEO) into bailing out Merrill Lynch. That came out during testimony at one single trial.
Bankers didn't go to jail for one simple reason: It would have been too obvious that Bernanke, Paulson and Geithner knew all along. What are the chances that those three knew, but not their many contacts in Congress, the White House, SEC, CFTC, etc?
Bernanke waited seven years (the statute of limitations for most crimes), and now he wants to clear his concious while setting Yellen up to take the fall when (not if) quantitative easing doesn't work
Coward. Can't believe anyone would think about buying his book.
IMHO Ben should be in jail too... conspiracy to commit fraud.
One thing this article makes very clear is the FED will NEVER tell us when a crisis is coming. So when everyone is screaming the sky is falling and the FED is saying just RELAX let us handle everything, there is nothing to worry about.........WATCH OUT.
And you , Greenspan, Obama, Pelosi, Barney Franks, Clinton and Bush should be included in that list! Had Clinton not repealed Glass Siegel or granted China most favored nation Status none of todays jobs carnage or the carnage in the housing mnarket would have happened. Get rid of this Federal Reserve, it is a fraud on the American public!
Bernanke dindu nuffin. Yellen dindu nuffin. It's everyone else's fault bitchez!
been wondering more lately when this bankster shill semi-animate bio-engineered parasitic virus would get around to the "greenspan cop-out": "but it WAS not my fault!"
As a provable "ongoing criminal enterprise", America can always prosecute, the statute of limitations stops when the criminal enterprise ends.
If anything the criminal invasion debt conspiracy has expanded, broadened to voter fraud, consumer credit fraud, tax fraud, student loan fraud and auto loan fraud, all guaranteed by the "chump state".
$lated is more election fraud, and massive prolific FEMA fraud, Green energy fraud, water project fraud, immigration fraud and refugee fraud.
Enjoy your invasion fraud debt sandwich America.
How bout those CO2 taxes?