That’s how much power the Federal Reserve, a private company, has.
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I was correct on every prediction. Bernanke was wrong. Why didn’t I win the Nobel Prize?
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Nobody thought that the big banks could fail… Until one did. It was his actions after that that saved the entire financial industry. Good for him.
First, he caused the crisis. He was Greenspan’s underling and those two allowed our government to run up huge debts by printing to cover those bills. His job was to refuse to do that. That’s one of the fed’s jobs… to be an independent custodian of our currency. Not to just print trillions so politicians can spend us into ruin.
Second, saving those big banks harms all Americans. The free market would never have left them get so big and would have punished them into bankruptcy for making bad loans. He saved those banks. Small, local, good banks now have to compete with giants that get bailed out with our children’s money. He is an enemy of Americans.
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Absolutely bailing out companies that made bad business decisions only serves to reinforce and encourage future risky behavior. History will then repeat itself.
A good watch is the the Frontline episode from PBS The Warning | FRONTLINE
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What caused the crisis was banks making risky loans by passing the risk down the line. They had nothing to lose…until they lost.
If you want to blame someone for our system, blame Alexander Hamilton. Whoever controls the currency, controls the system. The system bailed out by the system.
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Under Clinton’s Housing and Urban Development (HUD) secretary, Andrew Cuomo, Community Reinvestment Act regulators gave banks higher ratings for home loans made in “credit-deprived” areas. Banks were effectively rewarded for throwing out sound underwriting standards and writing loans to those who were at high risk of defaulting. If banks didn’t comply with these rules, regulators reined in their ability to expand lending and deposits.
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As the article stated, there was plenty of blame to go around, some of which was never mentioned in the article including deregulation of the financial industry in 1999 allowing banks to become mega-banks. The bubble bursting was inevitable, Bernanke just happened to be holding the needle.
So? Look at some of the other prize winners. The award is meaningless. Yassir Arafat, Hussein Obama, Menacham Begin, . . .
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Agreed! 
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You neglected to mention Winston Churchill whom you quote in your signature. Just saying.
They got that one right. Accidents do happen.
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But certainly not this guy:
“I’m going to get a Nobel Prize for a lot of things — if they gave it out fairly, which they don’t,” Donald Trump
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