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Bernanke: This may be worse than Great Depression

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posted on Jul, 29 2009 @ 09:14 AM
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Federal Reserve Board Chairman Ben Bernanke discussed the economy with average Americans on Sunday, saying the current financial crisis could be even more virulent than the Great Depression.

"A lot of things happened, a lot came together, [and] created probably the worst financial crisis, certainly since the Great Depression and possibly even including the Great Depression," Bernanke said at the start of a town-hall meeting in Kansas City.

Bernanke defended the Fed's extraordinary moves, which have included slashing interest rates to zero, pumping billions of dollars to keep credit markets open, and buying Treasurys and mortgage debt to keep long-term interest rates low.

"I was not going to be the Federal Reserve chairman who presided over the second Great Depression," he said.

The event is being televised over three nights, beginning Monday, by U.S. public television network PBS. Members of the public, screened by PBS, were able to ask questions.

Many questioners expressed unhappiness with the "too big to fail" doctrine. One asked when Bernanke would get around to firing the leadership of banks that had to accept government assistance.

Another participant said the only thing that was clear to him in the whole crisis was that his small business was "too small to save."

At first, Bernanke tried to argue that the Fed moved to save big banks to protect the global economy, but by the end, Bernanke simply agreed that "too-big-to-fail has got to go."
www.marketwatch.com...

At least he's not trying to paint it as everything is getting better or is already better, unlike the WH. hah




posted on Jul, 29 2009 @ 09:19 AM
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I guess UK Brown bashing the so call green shoots by the media propaganda finally is hitting home, even if it took almost a month.


If anybody were following the news before the UK had to bail out more banks last month Brown made some bad comments about the health of the economy.

So now the very soon the become the economic Czar or Czars is trying to have a nice clean exit from his position as Fed after the fiasco of the bailouts.

Recognizing that we are in worst shape than anticipated or better yet, is not as better as expected after all


Still he will be know in history as the man that fix the economy in the big crash of 2007-8.

And people will swallow the pill.


[edit on 29-7-2009 by marg6043]



posted on Jul, 29 2009 @ 09:44 AM
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reply to post by warrenb
 


I sometimes take issue with what you say, however this is a really good thread and find. S&F for you. Even with the bankruptcy reforms from a few years ago (right good timing to toughen bankruptcy), I forsee a lot of people filing Chapter 7's. Most people don't have assets to protect.


Edit: Typo

[edit on 29-7-2009 by GTORick]



posted on Jul, 29 2009 @ 09:50 AM
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The closer these folks get to talking truthfully the more it creeps me out, because if they are then there must be a reason that benefits them, I just can't for the life of me guess what it could be...



posted on Jul, 29 2009 @ 11:15 AM
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The irony with Bernanke is thick. Here's a man self described as a 'depression scholar' who knew the path to quick recovery in his mind. As he uses Greenspan's playbook of bubble recovery (i.e. dumping liquidity into the market in hopes the investing locusts will find a new home to create a bubble), the play that "saved" the U.S. from a deep recession in 2001, he is beginning to coyly admit that maybe they've caused a Greater Depression.

Seems the old school economists who believe that the protection of a country's monetary unit should be held above all is proving truer by the day.



posted on Jul, 29 2009 @ 01:18 PM
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"I was not going to be the Federal Reserve chairman who presided over the second Great Depression," he said.


...yet he apparently had no qualms about being one of the a-holes who orchestrated the second Great Depression...



posted on Jul, 29 2009 @ 01:27 PM
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Wait, did anyone read this article.

The biggest thing here is

----quote------

Asked when "this [recession] is going to end," Bernanke said growth would return in the second half of 2009, likely at a 1% pace. The unemployment rate won't peak until next year, he said.

The Fed has put the "pedal to the metal" to try to get the economy growing at a faster pace.


-----end quote -------

He is saying the worst is all behind us pretty much and we all know unemployment is lagging, so everything he said makes total sense.


He is NOT saying this is GOING TO BE LIKE THAT, he said it perhaps may pan out it was that bad in some form in THE PAST, but NOW we are going to be going back to POSITIVE GROWTH by the 2nd half of this year.

This would also coincide with that I heard from a lobbyist at a meeting earlier this year in January - I posted that in the market thread a long time ago.

So things are turning around, warrenb - i applaud you for posting a positive thread this time around and showing the true light of the American economy.



posted on Jul, 29 2009 @ 01:44 PM
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All I can say is DUH what took so long for Ben to see? He acts like he was blind sided by the subprime mtg hedging on Wall Street. Come on Ben I know you can't be that stupid. Why else would the democrats back Obama if the Republicans weren't sure he didn't know squat real estate law or finances.

Talk about the perfect setup for the tumble!!!



posted on Jul, 29 2009 @ 01:52 PM
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Originally posted by GreenBicMan
So things are turning around, warrenb


Please pull your head out brother


We all want things to get better, but you really should read more Menger, Bohm-Bewark, von Mises, Hazlitt, Rothbard and Hayek and maybe a little less Keynes..

Pumpers have no interest in the human race other than inventing craftier ways of making money off them, which is exactly why we are in this current Greater Depression...The current system has no exits, it is a dead end and the real economic numbers prove it...



posted on Jul, 29 2009 @ 01:56 PM
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reply to post by RolandBrichter
 


Wait, why are you throwing this off track.

I am referencing what Ben B is saying and you are just throwing in your personal opinion and not staying on topic.

My head isn't in the sand, and not at one time is my thinking stagnant, I can promise you that with ADHD hahaha.



posted on Jul, 29 2009 @ 02:10 PM
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I suggest reading and adding your wisdom to this thread, Mr. B. is still part of the problem if he is not sending absolute solutions and coming clean with the secrecy ha was part of and wants to distance himself from.

www.abovetopsecret.com...



posted on Jul, 29 2009 @ 03:41 PM
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reply to post by GreenBicMan
 


I think he is acting like a politician he knows that our nation economy is in the craper still but . . . he been eying a better position after he gets out of the Reserve job has to leave the door open to a possible economic collapse but covering his butt at the same time that things may get better.

The way things are going we will still be in the down side by the end of the year.



posted on Jul, 29 2009 @ 03:43 PM
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Originally posted by warrenb

"I was not going to be the Federal Reserve chairman who presided over the second Great Depression," he [Bernanke] said.

I thought that Bernanke's job was about public service; he is not paid to service his personal ego.

And so all the instruments that made the meldown happen are still in place ready to be re-applied. Bernanke thinks that he "saved peace for our times," which is the line British PM Neville Chamberlain greeted his buddies after returning from Germany where he signed a pact with Hitler back in 1938.


I give up on editing . . .


[edit on 7/29/2009 by stander]



posted on Jul, 29 2009 @ 03:58 PM
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Bernake and Obama may want to get on the same page for a change. Obama is out spewing to the town that "All is Well" and "Things are looking up" and Bernake is stuck riding the funeral carriage into town.

So which is it?

New home sales were up in June. Wow. What about the value of existing homes. Down Down Down



posted on Jul, 29 2009 @ 04:06 PM
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reply to post by RolandBrichter
 


Awsome!!!

Finally a real capitalist.

This BB is full of Marxists, Socialists, Authoritarians, Corporatist, Anti trade crowd peanut gallery, Monetarists and Keynesians -than you can shake a stick at around here.



posted on Jul, 29 2009 @ 05:19 PM
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Yes, were in deep, very deep. Lets hope for another Depression instead of hyperinflation.

See the similarities of what may come



posted on Jul, 29 2009 @ 06:04 PM
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Originally posted by jibeho
Bernake and Obama may want to get on the same page for a change. Obama is out spewing to the town that "All is Well" and "Things are looking up" and Bernake is stuck riding the funeral carriage into town.

So which is it?

New home sales were up in June. Wow. What about the value of existing homes. Down Down Down

Not down enough. Houses are meant for living, not speculating. Houses depreciate the same way as anything else, but the twisted financial system enables hike up a market value of a sorrowful shack out of the reach for many folks. That affects the price of newly built houses and all that financing tied into it.



posted on Jul, 30 2009 @ 06:53 AM
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Originally posted by stander

Originally posted by jibeho
Bernake and Obama may want to get on the same page for a change. Obama is out spewing to the town that "All is Well" and "Things are looking up" and Bernake is stuck riding the funeral carriage into town.

So which is it?

New home sales were up in June. Wow. What about the value of existing homes. Down Down Down

Not down enough. Houses are meant for living, not speculating. Houses depreciate the same way as anything else, but the twisted financial system enables hike up a market value of a sorrowful shack out of the reach for many folks. That affects the price of newly built houses and all that financing tied into it.


Houses are not supposed to depreciate like cars. I have been told throughout my entire life that buying a house is the best investment that you can make. You buy a house and you make improvements to the house in order to maintain or improve its value. We installed a new roof, new windows, hardwood floors, landscaping etc to improve the value and liveability of an older 1948 home. My parents bought their first home in 1965 and paid $35,000 for it. They lived their until 1990 and sold it for 320,000. Depreciation, I think not. If you want a house to live in, build a one room cabin.

I am fortunate enough to live in an area that does not have overinflated home values and we are still way down.



posted on Jul, 30 2009 @ 08:58 AM
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reply to post by jibeho
 


Houses do depreciate, the whole idea that houses increase in value is a scam, this how states can increase property taxes.

See the more your property is "evaluated" as the do every so many years and is very bias the city determine if taxes are to be increased.

That is where the whole scam of house value came to be.



posted on Jul, 30 2009 @ 09:15 AM
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Ok slow down..so Greenbic is saying we are headed towards a positive outcome.. yet he articel says bernenke says basically were screwed... which is it!!!



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