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Bernanke Says He Feared The Second Great Depression

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http://www.telegraph.co.uk/finance/economi...ions-on-TV.html

Ben Bernanke defends decisions on TV

By James Quinn Wall Street Correspondent

Published: 8:42PM BST 27 Jul 2009

A distinctly humble Mr Bernanke, chairman of the US Federal Reserve and architect of a number of unparalleled and

co-ordinated moves by major central banks at the height of last autumn's financial crisis, admitted to bedding down on his office sofa while "trying to keep things together".

The Fed chief made the surprising admission as part of an unprecedented television forum to be aired by PBS, the US Public Broadcasting Service.

Extracts from the discussion will be aired over three nights until Wednesday, before being shown in full later this week.

To make the programme, Mr Bernanke travelled to Kansas City to be quizzed by almost 200 ordinary citizens in an event hosted by television anchor Jim Lehrer. It was the first time Mr Bernanke agreed to be questioned by anyone other than Congressmen or journalists.

Mr Bernanke's latest television appearance – earlier this year he appeared on CBS's authoritative 60 Minutes, the first such appearance by a Fed chief in 20 years – is an attempt to humanise the Fed.

His appearance is unlikely to have gone unnoticed by President Barack Obama, who is currently deciding whether to give Mr Bernanke a second term in the job when his tenure ends in January. He started the job in January 2006.

The programme gave Mr Bernanke the chance to defend his actions during the credit crisis, saying he was not going to be the Fed chairman "who presided over the second Great Depression". He also gave financial advice and presented his lighter side as the man who has had to deal with immense problems over the last 18 months.

However, he stopped short of supporting all of the steps that were taken, saying of the $250bn (£152bn) bail-out of major banks: "I'm as disgusted by it as you are. Nothing made me more angry than having to intervene, particularly in a few cases where companies took wild bets."

When questioned by a small-business owner as to why banks were favoured over small companies, the Fed chairman responded that he had to "hold my nose" in fear that the whole financial system might collapse otherwise.

"Those were some very long nights I spent on the sofa in my office trying to keep things together," he told one questioner, adding that when he took office in 2006, he had hoped "to personalise the Fed to some extent".

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So his action is to create a greater crash later on.

Total idiot. No balls.

Cheer up, Larry Summers is getting hsi job.

Printy printy to the stars to pay for Odumbers socialist claptrap.

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Cheer up, Larry Summers is getting hsi job.

Printy printy to the stars to pay for Odumbers socialist claptrap.

Can't say I mind so long as they continue to printy printy on only one side of the paper.

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Probably should have stoppe a credit bubble from forming then.

Evil twit.

that was greenspan

no matter who came in at that time they were screwed

bernanke is cut from the same cloth of course

the only way a depression was avoided in the early 80s was jacking up the interest rates - i think they put them up to 17 or 18% under volcker , lowering them just worsens the problem in the end creating a bigger collapse.

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http://www.telegraph.co.uk/finance/economi...ions-on-TV.html

Ben Bernanke defends decisions on TV

By James Quinn Wall Street Correspondent

Published: 8:42PM BST 27 Jul 2009

This the the problem with the Human ego.

As long as Bernanke is not recorded in history as being the Chair of the Fed during the Great Depression Mark 2,

he's not bothered.

Let some one else take the blame.

Are you listening Gordon Brown ?

Ego is the root of this financial crisis - not greed.

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This the the problem with the Human ego.

As long as Bernanke is not recorded in history as being the Chair of the Fed during the Great Depression Mark 2,

he's not bothered.

Let some one else take the blame.

Are you listening Gordon Brown ?

Ego is the root of this financial crisis - not greed.

Yep. It's a hot potato, but the catch is it's getting hotter. And bigger.

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