Wednesday, January 16, 2013

Federal Reserve Chairman, Ben Bernanke, Has A Nightmarish Track Record Of Incompetence

Even Ben Bernanke's mother calls him Pinocchio.

Any thought, belief, or notion that US Fed QE programs will be stopped is unequivocally wrong. If not for the fact that the entire global financial system would collapse if the Fed's money printing were to EVER end, then certainly for the undeniable fact that Bernanke has NEVER gotten it right.

Ben Bernanke is a world class buffoon, who has gotten a free pass on his always wrong predictions regarding the US and global financial system simply because he holds the post of Chairman of the US Federal Reserve...and is proclaimed to be an "expert" on the 1930s Great Depression.

Ben Bernanke has an extensive history of making statements that are patently false and inaccurate.

Bernanke downplays inflation risk of QE3
Worst thing Fed could do would be to hike rates prematurely

By Greg Robb, MarketWatch

WASHINGTON (MarketWatch) — Federal Reserve Chairman Ben Bernanke on Monday played down the fears of some more hawkish central bankers and investors that

“I don’t believe significant inflation is going to be the result of any of this,” Bernanke said in a speech at the University of Michigan.

The Fed has the tools to exit its easy policy stance before inflation appears, he said.

The Fed will watch closely to see whether the zero-interest rate policy that has been in place for four years could eventually lead investors to make unwise decisions, creating an asset bubble, he added.

Bernanke also said there is a continuing debate over whether Fed policy is a cause of asset bubbles. The Fed has an “open mind” on the issue, he remarked, and will continue to monitor markets and toughen bank supervision to guard against financial instability.


Seriously?  Perhaps Mr. Bernanke's definition of "significant inflation" needs to be examined.  His track record of comments regarding his actions and beliefs as Fed Chairman certainly points to his once again being entirely wrong with his "belief" that  the Fed’s aggressive bond-buying program will not lead to higher inflation. 

The mainstream media portrays Federal Reserve Chairman Ben Bernanke as a brilliant economist, but is that really the case?

Let's go to the videotape.

The following is an extended excerpt from an article that I published previously....


In 2005, Bernanke said that we shouldn't worry because housing prices had never declined on a nationwide basis before and he said that he believed that the U.S. would continue to experience close to "full employment"....
"We’ve never had a decline in house prices on a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s gonna drive the economy too far from its full employment path, though."
In 2005, Bernanke also said that he believed that derivatives were perfectly safe and posed no danger to financial markets....
"With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly."
In 2006, Bernanke said that housing prices would probably keep rising....
"Housing markets are cooling a bit. Our expectation is that the decline in activity or the slowing in activity will be moderate, that house prices will probably continue to rise."
In 2007, Bernanke insisted that there was not a problem with subprime mortgages....
"At this juncture, however, the impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained. In particular, mortgages to prime borrowers and fixed-rate mortgages to all classes of borrowers continue to perform well, with low rates of delinquency."
In 2008, Bernanke said that a recession was not coming....
"The Federal Reserve is not currently forecasting a recession."
A few months before Fannie Mae and Freddie Mac collapsed, Bernanke insisted that they were totally secure....
"The GSEs are adequately capitalized. They are in no danger of failing."
For many more examples that demonstrate the absolutely nightmarish track record of Federal Reserve Chairman Ben Bernanke, please see the following articles....
*"Say What? 30 Ben Bernanke Quotes That Are So Stupid That You Won’t Know Whether To Laugh Or Cry"
*"Is Ben Bernanke A Liar, A Lunatic Or Is He Just Completely And Totally Incompetent?"

Burn in Hell Bernanke!

1 comment:

  1. Theirs really no way out of this financial mess we are in. jim rogers says it best Default and start over.