Defeatists Policies – by Ben Bernanke


Ben Bernanke, former head of the Federal Reserve, recently complained about Congress. Too bad he didn’t say anything WHEN he was the Chairman of the Fed!

“They blamed the crisis on the Fed and on Fannie (Mae) and Freddie (Mac), with little regard for the manifest failings of the private sector, other regulators, or, most especially, Congress itself.

They condemned bailouts as giveaways of taxpayer money without considering the broader economic consequences of the collapse of systemically important firms.

They saw inflation where it did not exist and, when the official data did not bear out their predictions, invoked conspiracy theories.

They denied that monetary or fiscal policy could support job growth, while still working to direct federal spending to their own districts.

They advocated discredited monetary systems, like the gold standards.

Source: Calculated Risk: Defeatists Policies #NothingCanBeDone

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