Thursday, February 28, 2008

What Bernanke would say if he didnt have to lie

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 (609 views)
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