"This book truly
is a must read."
-- Congressman Ron Paul
Bernanke Disclaims Responsibility for the Fed's Housing Bubble!
Mish doesn't think he shoud get away with it!
"Bernanke's hubris, inability to admit mistakes, and his blaming everyone but himself for his mistakes is increasingly starting to touch on nerves.On Tuesday, the New York Times asked the right question: If Fed Missed This Bubble, Will It See a New One? "
In 2005, Mr. Bernanke — then a Bush administration official — said a housing bubble was “a pretty unlikely possibility.” As late as May 2007, he said that Fed officials “do not expect significant spillovers from the subprime market to the rest of the economy.”
The fact that Mr. Bernanke and other regulators still have not explained why they failed to recognize the last bubble is the weakest link in the Fed’s push for more power. It raises the question: Why should Congress, or anyone else, have faith that future Fed officials will recognize the next bubble?
"Bernanke thinks the way to manage an economy is to bring it to the brink of disaster then bail out banks at the expense of taxpayers. I think Bernanke should be fired."
