Thursday, Feb 28, 2008
What Bernanke would say if he didnt have to lie
bigpicture blog: Why The Fed is Compelled to Lie to Congress
Opening statement of the FOMC Chair, Senate Testimony
February 27, 2008:
Senators, we find ourselves in a very challenging situation.
Following the dot com implosion, my predecessor at the Fed slashed rates to a generational low of 1%; the FOMC then kept rates at 1% for over a year.
While that re-inflated the economy, it also set off a shock wave of inflation unseen since the 1970s. Houses doubled in price, Oil is up 5 fold, food stuffs have tripled, and the dollar has collapsed. Gold is at multi-decade highs. ...
The credit crunch is unprecedented, far worse than the S&:L collapse and Long Term Capital Management -- combined....
Posted by happyrenterz @ 11:45 AM (210 views) Add Comment
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