Bye bye Berneke?
- Thread starter PlusMinus
- Start date
Read it and WEEP:
March 28th, 2007 â Ben Bernanke: "At this juncture . . . the impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained,"
May 17th, 2007 â Bernanke: âWhile rising delinquencies and foreclosures will continue to weigh heavily on the housing market this year, it will not cripple the U.S.â
June 20th, 2007 â Bernanke: (the subprime fallout) ``will not affect the economy overall.''
October 15th, 2007 â Bernanke: "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."
February 29th, 2008 â Bernanke: "I expect there will be some failures. 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."
Mar 18th, 2008 - Bear Stearns Bailout Announced
June 9th, 2008 â Bernanke: Despite a recent spike in the nation's unemployment rate, the danger that the economy has fallen into a "substantial downturn" appears to have waned,
July 16th, 2008 â Bernanke: (Freddie and Fannie) ââ¦will make it through the stormâ, "⦠in no danger of failing.","â¦adequately capitalized"
Sept 8th, 2008 - Fannie and Freddie nationalized. The taxpayer is on the hook for an estimated 1 - 1.5 trillion dollars. Over 5 trillion is added to the nationâs balance sheet.
September 16th, 2008 - $85 Billion AIG Bailout âLoanâ
September 19th, 2008 - $700 Billion Bailout Plan Announced
September 19th, 2008 - Bernanke: "most severe financial crisis" in the post-World War II era. Investment banks are seeing "tremendous runs on their cash," Bernanke said. "Without action, they will fail soon."
September 23rd, 2008 â Bernanke: "My interest is solely for the strength and recovery of the U.S. economy,"
March 28th, 2007 â Ben Bernanke: "At this juncture . . . the impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained,"
May 17th, 2007 â Bernanke: âWhile rising delinquencies and foreclosures will continue to weigh heavily on the housing market this year, it will not cripple the U.S.â
June 20th, 2007 â Bernanke: (the subprime fallout) ``will not affect the economy overall.''
October 15th, 2007 â Bernanke: "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."
February 29th, 2008 â Bernanke: "I expect there will be some failures. 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."
Mar 18th, 2008 - Bear Stearns Bailout Announced
June 9th, 2008 â Bernanke: Despite a recent spike in the nation's unemployment rate, the danger that the economy has fallen into a "substantial downturn" appears to have waned,
July 16th, 2008 â Bernanke: (Freddie and Fannie) ââ¦will make it through the stormâ, "⦠in no danger of failing.","â¦adequately capitalized"
Sept 8th, 2008 - Fannie and Freddie nationalized. The taxpayer is on the hook for an estimated 1 - 1.5 trillion dollars. Over 5 trillion is added to the nationâs balance sheet.
September 16th, 2008 - $85 Billion AIG Bailout âLoanâ
September 19th, 2008 - $700 Billion Bailout Plan Announced
September 19th, 2008 - Bernanke: "most severe financial crisis" in the post-World War II era. Investment banks are seeing "tremendous runs on their cash," Bernanke said. "Without action, they will fail soon."
September 23rd, 2008 â Bernanke: "My interest is solely for the strength and recovery of the U.S. economy,"
He might have meant "on planet earth."
