Tuesday, November 17, 2009

Bernanke Speaks

March 28th, 2007 - Ben Bernanke: "At this juncture . . . the impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained,"
April 30, 2007 - Dow Jones @ 13,063

May 17th, 2007 - Bernanke: "While rising delinquencies and foreclosures will continue to weigh heavily on the housing market this year, it will not cripple the U.S."

June 20th, 2007 - Bernanke: (the subprime fallout) ``will not affect the economy overall.''

 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."  (One of my personal favorites)


December 31, 2007 - Dow Jones @ 13,265

February 29th, 2008 - Bernanke: "I expect there will be some failures. I don't anticipate any serious problems of that sort among the large internationally active banks that make up a very substantial part of our banking system."

March 18th, 2008 - Bear Stearns Bailout Announced -

 May 30, 2008 - Dow Jones @ 12,638

June 9th, 2008 - Bernanke: Despite a recent spike in the nation's unemployment rate, the danger that the economy has fallen into a "substantial downturn" appears to have waned,

July 16th, 2008 - Bernanke: (Freddie and Fannie) "...will make it through the storm", "... in no danger of failing.","...adequately capitalized"

AND November 16 2009
“It is inherently extraordinarily difficult to know whether an asset’s price is in line with its fundamental value,” Bernanke said. “It’s not obvious to me in any case that there’s any large misalignments currently in the U.S. financial system.”

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