by Dave Kranzler, Investment Research Dynamics:
I love how these ex-Fed Chairmen admit the truth several years after the fact. Recall that Greenspan gave a famous speech about the not being able to see financial bubbles until after they occur just before the internet/tech stock bubble popped.
And Bernanke stated in the 2005-2006 timeframe that there was not a housing bubble and that the economy was fine. Of course, that was just before the housing market crashed hard and the economy dropped into the worst economic contraction since the Great Depression.
Now all of a sudden Benanke seems to have found “religion” about the criminality of bankers. I wonder if this is part of his Yom Kippur “soul cleansing.” In an interview this past weekend Bernanke stated that financial executives should have been investigated and prosecuted for perpetrating the great financial collapse: More Wall Streeters Should Be In Jail.
The obvious injustice here is that Bernanke was in a position to enforce the laws and go after the Wall Street crooks in cooperation with the Justice Department. But we know that the Justice Department is controlled by Goldman Sachs and the law firm, Covington Burling. Goldman was one of Attorney General, Eric Holder’s biggest clients and Covington Burling is Holder’s employer.
Even more stunning, Bernanke stated that:
I certainly was not eager to bail out Wall Street and I had no reason to want to bailout Wall Street itself,” he told USA Today. “But we did it because we knew that if the financial system collapsed, the economy would immediately follow.”
This is an outright blatant lie. And my good friend and colleague, John Titus of “Best Evidence,” has compiled direct proof that Bernanke spear-headed the Fed’s bail-out of Wall Street AND he lied about the dollar amount involved in front of Congress. Ben, the evidence is in the Fed transcripts from the 2009 FOMC meetings: Bernanke’s Sovereign Deception
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