Monday, November 24, 2008

If you're this wrong, shouldn't you resign?

Bernanke Tells New Yorker He Underestimated Housing Meltdown

Nov. 23 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said he underestimated the impact subprime mortgages would have on the economy, according to an interview to appear in the New Yorker magazine’s Dec. 1 edition.

“I and others were mistaken early on in saying that the subprime crisis would be contained,” Bernanke said. “The causal relationship between the housing problem and the broad financial system was very complex and difficult to predict.”
Plus, he's lying when he asserts that the problem was "uncontained subprime". The problem was much wider than that. He's giving a polite version of "That damn Community Reinvestment Act and Fannie Mae were the cause of our problems".

Bernanke, resign now!


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