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Bernanke Finally Reveals, In One Word, Why The Financial System Crashed

By AD following x   2014 Mar 4, 4:20pm 1,837 views   6 comments   watch   nsfw   quote     share    


http://www.zerohedge.com/news/2014-03-04/bernanke-finally-reveals-one-word-why-financial-system-crashed

Now that Ben Bernanke is no longer the head of the Fed, he can finally tell the truth about what caused the financial crash. At least that's what a packed auditorium of over 1000 people as part of the financial conference staged by National Bank of Abu Dhabi, the UAE's largest bank, was hoping for earlier today when they paid an exorbitant amount of money to hear the former chairman talk. Bernanke confirmed as much when he said he could now speak more freely about the crisis than he could while at the Fed - "I can say whatever I...

1   AD   ignore (0)   2014 Mar 4, 4:22pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

It didn't help that there was no real job gains that lead up to the bubble due to speculation and globalization. And also it did not help having to deal with the glut of subprime mortgages.

Now the Federal Reserve is unable to deal with unemployment rate U6 because of the impacts of globalization, as well as automation.

2   indigenous   ignore (0)   2014 Mar 4, 4:32pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

He is as fucked up as Greenspan.

3   Ceffer   ignore (1)   2014 Mar 4, 5:22pm   ↑ like (0)   ↓ dislike (1)   quote   flag        

I would call the word "indifference."

Those who needed to get rich, got rich.

Those who needed to be impoverished, got impoverished.

Those were needed to be fooled, were fooled.

4   AD   ignore (0)   2014 Mar 4, 6:10pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

Ceffer says

Those were needed to be fooled, were fooled.

True. I think a lot got fooled into dumping stocks back in 2008 and 2009. I remember Cramer on CNBC saying to sell stocks. If you held on to the stocks, equity index funds, etc. then you did well as the market rose about 170% from early 2009 to end of 2013.

5   APOCALYPSEFUCKisShostikovitch   ignore (38)   2014 Mar 4, 9:11pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Oh, gosh, I didn't know that criminal insanity is the same thing as overconfidence.

6   Blurtman   ignore (1)   2014 Mar 4, 10:58pm   ↑ like (0)   ↓ dislike (1)   quote   flag        

The "United States" became overconfident!? That is a nonsensical statement.

New Jersey, Oregon, Hawaii, all of the united states became overconfident.

It is always amazing when those in authority are shown to be quite ordinary and fallible people. A bit tragic to see that same ordinary fallible person unable to or unwilling to deal with reailty.


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