Ben Bernanke's Memoirs

This is an article put out by ZeroHedge which contains a number of quotes from Ben Bernanke, who served as Chairman of the Federal Reserve from 2006 to 2014.

They include a great quote right at the beginning of the article:

""When the economic well-being of their nation demanded a strong and creative response, my colleagues at the Federal Reserve...mustered the moral courage to do what was necessary,"

This alone shows the pompous and all out dishonest manner in which our policymakers and high-ups defend their decisions.

Your colleagues at the Federal Reserve mustered up allll that moral courage to propose that TAXPAYERS' money be used to bail out the "too big to fall" banks? What a crock of _____.

Anyway, thought I would share this - Ben Bernanke sucks and so do his counterparts.

ZeroHedge

I also found an article on CNN Money which also talks about Bernanke's upcoming book:

CNN

Reading that ZeroHedge article was extremely entertaining for me though - I hope some of my ATS friends also enjoy it

a reply to: FamCore

End the Federal Reserve.
A private corporation has illegally gained control of our money system.
It is wasteful, unproductive and immoral for productive people to live under this regime.

a reply to: FamCore

You know you are being bamboozled when politicians and bureaucrats speak of "morality".

a reply to: FamCore

I'm no fan of what Bernanke did but I don't think it's fair to say he was 100% in the wrong either. What would have happened if we had let the entire system collapse? Forget the commerce side of things and think of just the military. Force projection would have scaled back 90%. No Iraq, no Afghanistan, we would have lost most overseas bases, and all the rest. Iran right now would have a nuclear weapon rather than making a deal that prevents them from ever acquiring one. North Korea would have seen the South as weak and attacked. Millions of Americans would have likely died on our streets... all things considered I probably would have been one of them.

We've had years to look back and reflect on the information now, and we still don't have all of it. He presumably did. I think he made the right call.

The real failure here is in congress not passing appropriate legislation to prevent this from ever happening again. The bailouts and easy money had to happen. The consolidation, further leveraging assets, and risky behavior shouldn't have been.