The Fed's Increased Efforts to Hide Bailout Records
On Friday, Federal Reserve chairman Ben Bernanke gave a speech claiming that the economy is finally headed on the right track. He stated at the Federal Reserve Bank of Kansas City’s annual economic symposium that "despite this recent slowing, however, it is reasonable to expect some pickup in growth in 2011 and in subsequent years."
Not so fast. It has become apparent that Ben Bernanke’s economic forecasts are rarely ever correct. Here are just a few quotes showing Ben Bernanke’s oblivion to the looming housing crisis from 2005 to 2007:
CNBC announcer Maria Bartiromo, July 2005: We have so many economists coming on our air and saying oh this is a [housing] bubble and it’s going to burst and this is going to be a real issue for the economy. Some say it could even create a recession at some point. What is the worst case scenario?
Ben Bernanke: I guess I don’t buy your premise. It’s a pretty unlikely possibility… I don’t think it’s going to drive the economy too far from its full employment path though…I’m hopeful and I’m confident in fact that the bank regulators will pay close attention to the kind of loans that are being made and making sure underwriting is done right.
Read more here


I hope you all get a chance to read the Cato Institute's 










Social Networks for YAL