I blew it: Bernanke

From Business Day:

I blew it: Bernanke

US Federal Reserve chairman Ben Bernanke acknowledges he was wrong in believing that there would be limited fallout to financial markets from risky mortgages that soured after the housing market’s collapse.

”I and others were mistaken early on in saying that the subprime crisis would be contained,” Bernanke says in an article in the December 1 issue of The New Yorker magazine.

”The causal relationship between the housing problem and the broad financial system was very complex and difficult to predict,” he said in the piece titled ”Anatomy of a Meltdown.”

Continue reading…

”The causal relationship between the housing problem and the broad financial system was very complex and difficult to predict,” he said.

Not really, Ben.

If you’d listened to Ron Paul and Peter Schiff you would have known. If you ever read anything on Mises.org or LewRockwell.com you would have known.

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