[Ed. Note: As total collapse draws near, the rats try to escape the Titanic. And if this isn’t a case of the pot calling the kettle black, we don’t know what is. Hilarious.]
Speaking to USA Today, Bernanke blamed the US Justice Department for going after the firms instead of focusing on the individuals who had been running huge American corporations.
“It would have been my preference to have more investigation of individual action, since obviously everything that went wrong or was illegal was done by some individual, not by an abstract firm,” Bernanke said in the interview.
“The Department of Justice and others are responsible for that, and a lot of their efforts have been to indict or threaten to indict financial firms. Now a financial firm is of course a legal fiction; it’s not a person. You can’t put a financial firm in jail.”
At the same time, the 71-year-old praised his institution for handling the financial meltdown saying they had done everything in order to avoid the repetition of the Great Depression of the 1930s.
“I think there was a reasonably good chance that, barring stabilization of the financial system, that we could have gone into a 1930s-style depression,” he told USA TODAY. “The panic that hit us was enormous — I think the worst in US history.”
The global financial meltdown started in July 2007 with a liquidity crisis, which resulted in the US Federal Bank injecting a large amount of capital into financial markets. By September 2008, the crisis had worsened, with stock markets around the globe crashing and trading becoming extremely volatile. In turn, consumer confidence hit rock bottom on account of fears of what could lie ahead.
hat tip: TriciaHelp us spread the ANTIDOTE to corporate propaganda.
Please follow SGT Report on Twitter & help share the message.