Monday, March 16, 2009

Bernanke Says He's Prevented a Depression, But He's Actually Created One

Bernanke said Sunday that the United States has averted another Great Depression:

I think we've averted that risk. I think we've gotten past that and now the problem is to get the thing working properly again.

Is it true?

Not exactly . . .

It is more or less official that we are already in a depression. And everyone from Bernanke's predecessor Paul Volcker to the former chief economists of various government agencies think it could very well be worse than the Great Depression.

I wouldn't fault Bernanke for trying to put a positive spin on things if he were doing everything possible to avert the worsening of the economy.

But everyone from high-level Fed officials to leading economists say that Bernanke is doing all the wrong things, and actually making the crisis much worse.

He says he's averted a depression . . . but I'm afraid he's actually brought one on.

Bernanke and the Fed have failed.

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1 comment:

  1. AnonymousMarch 16, 2009 at 9:14 AM

    Perhaps you have a handy 10-point program you'd like to offer up for dealing with this situation. It's easy to bitch—I do it myself at the drop of a hat—but if you have the answer, by all means give it to us!

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