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Bernanke Says Fed Sought to Avert a ‘Second Great Depression’

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posted on Jul, 28 2009 @ 12:26 AM
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So it's verified, the Fed feared a Great Depression. Most of us suspect Bernake was chosen well in advance for his focus on the Great Depression.

Bloomberg

Bernanke Says Fed Sought to Avert a ‘Second Great Depression’

By Scott Lanman and Timothy R. Homan


July 27 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke defended bailouts by the central bank and other unprecedented efforts to end the credit crisis, saying he sought to avoid a “second Great Depression.”

“In a financial crisis, if you let the big firms collapse in a disorderly way, it will bring down the whole system,” Bernanke said yesterday at a town-hall-style meeting in Kansas City, Missouri, taped for broadcast this week on PBS television. “I was not going to be the Federal Reserve chairman who presided over the second Great Depression.”

Bernanke’s appearance indicates he’s stepping up public- relations efforts while confronting criticism from lawmakers over government aid to big financial firms. His first term at the Fed’s helm ends Jan. 31, and President Barack Obama needs to decide whether to reappoint him for another four years.

Vincent Hogan of Kansas City, a human resources manager at General Motors Co. and a member of the forum’s audience, said he believed Bernanke showed “honesty and candor.”

Before the meeting, Hogan, 45, said he thought Bernanke acted under political pressure during the height of the financial crisis last year. “I understand now there were some dire economic situations back then,” he said in an interview.

The Fed rescued Bear Stearns Cos. and American International Group Inc. last year while backing creation of the $700 billion Troubled Asset Relief Program.

Bernanke, 55, said he had to “hold his nose” over the bailouts of large financial firms. Responding to a small- business owner “frustrated” over the billions of dollars in aid, Bernanke said, “I understand your frustration.”

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posted on Jul, 28 2009 @ 12:28 AM
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The part he omitted was it was the 2nd Great depression that HIS banks created!


Shamalama ding dong second line.

[edit on 28-7-2009 by bismarcksea]



posted on Jul, 28 2009 @ 07:55 AM
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I'm no economic wiz, but ... wasn't the Fed supposed to have some sort of oversight going on with the banks? And didn't the Fed ignore them and let them create this huge mess?

Therefore isn't it Bernake's fault in the first place that this whole thing was allowed to happen? (At least during his term as Chairman)

And now he's going "But I was pressured into doing it!" Bull. He was no more pressured than I was pressured to type this post. He did it in an effort to CHA. What makes me sick is people are listening to his drivel and then saying he was "Honest and Candid". If he was "Honest and Candid" he'd admit to his total screw up that CREATED this problem instead of trying to blame it all on the politicians.

[edit on 28-7-2009 by cnichols]



 
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