research24
14th March 2009, 19:50
Quotations from the best and brightest, Bernanke & Paulson
Its a rainy night, I'm down with the flue and disgusted with television, so I'm trying for a little on-topic amusement here.
June 20th, 2007 – Bernanke: The mortgage debacle “will not affect the economy overall.''
July 12th, 2007 – Paulson: "This is far and away the strongest global economy I've seen in my business lifetime."
August 1st, 2007 – Paulson: "I see the underlying economy as being very healthy,"
October 15th, 2007 – Bernanke: "It is not the responsibility of the Federal Reserve - nor would it be appropriate - to protect lenders and investors from the consequences of their financial decisions."
May 7, 2008 – Paulson: 'The worst is likely to be behind us . . . . ”
May 16th, 2008 – Paulson: "In my judgment, we are closer to the end of the market turmoil than the beginning."
July 16th, 2008 – Bernanke: On Freddie and Fannie: “They will make it through the storm”, "… in no danger of failing.","…adequately capitalized"
Only two months later both were nationalized.
February 14th, 2008 – Paulson: (the economy) "is fundamentally strong, diverse and resilient."
If you are going to tell a lie, make it a big one department: September 23rd, 2008 – Bernanke: "My interest is solely for the strength and recovery of the U.S. economy,"
Bernanke : “I don't think that Chinese ownership of U.S. assets is so large as to put our country at risk economically.”
11/28/08 & 3/3/09 Bernanke : “We expect to see recovery beginning in the second half of 2009.
“History proves, however, that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse. “
“A collapse in U.S. stock prices certainly would cause a lot of white knuckles on Wall Street. But what effect would it have on the broader U.S. economy? If Wall Street crashes, does Main Street follow? Not necessarily.”
“Our understanding of the best practice in monetary policy evolved during Alan Greenspan's tenure at the Fed, and it will continue.”
But Ben was right at least once in his life: “In other words, the best way to get out of trouble is not to get into it in the first place.” Of course he speaketh with forked tongue.
Its a rainy night, I'm down with the flue and disgusted with television, so I'm trying for a little on-topic amusement here.
June 20th, 2007 – Bernanke: The mortgage debacle “will not affect the economy overall.''
July 12th, 2007 – Paulson: "This is far and away the strongest global economy I've seen in my business lifetime."
August 1st, 2007 – Paulson: "I see the underlying economy as being very healthy,"
October 15th, 2007 – Bernanke: "It is not the responsibility of the Federal Reserve - nor would it be appropriate - to protect lenders and investors from the consequences of their financial decisions."
May 7, 2008 – Paulson: 'The worst is likely to be behind us . . . . ”
May 16th, 2008 – Paulson: "In my judgment, we are closer to the end of the market turmoil than the beginning."
July 16th, 2008 – Bernanke: On Freddie and Fannie: “They will make it through the storm”, "… in no danger of failing.","…adequately capitalized"
Only two months later both were nationalized.
February 14th, 2008 – Paulson: (the economy) "is fundamentally strong, diverse and resilient."
If you are going to tell a lie, make it a big one department: September 23rd, 2008 – Bernanke: "My interest is solely for the strength and recovery of the U.S. economy,"
Bernanke : “I don't think that Chinese ownership of U.S. assets is so large as to put our country at risk economically.”
11/28/08 & 3/3/09 Bernanke : “We expect to see recovery beginning in the second half of 2009.
“History proves, however, that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse. “
“A collapse in U.S. stock prices certainly would cause a lot of white knuckles on Wall Street. But what effect would it have on the broader U.S. economy? If Wall Street crashes, does Main Street follow? Not necessarily.”
“Our understanding of the best practice in monetary policy evolved during Alan Greenspan's tenure at the Fed, and it will continue.”
But Ben was right at least once in his life: “In other words, the best way to get out of trouble is not to get into it in the first place.” Of course he speaketh with forked tongue.