Wednesday, June 9, 2010

Regarding Ben And His Credibility As An Economist

A commentor posted these little gems of wisdom straight from Helicopter Ben's mouth.  Remember these the next time you hear him report that there is no risk of a double-dip recession and the U.S. dollar is the Rock of Gibralter:

March 28, 2007: “The impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained.”

May 17, 2007: “We do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.”

 Feb. 28, 2008, on the potential for bank failures: “Among the largest banks, the capital ratios remain good and I don’t expect any serious problems of that sort among the large, internationally active banks that make up a very substantial part of our banking system.”

 June 9, 2008: “The risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.”

July 16, 2008: Fannie Mae and Freddie Mac are “adequately capitalized” and “in no danger of failing.”

Golden Truth Commentor June 10, 2010:  "Why does anyone still listen to this guy?"

7 comments:

  1. They listen to him because "they" (the financial press) and "he" share something very important in common.

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  2. There is quite interesting development in my country. Gov seems to push a law that each employee must buy government's bonds for around 3 % of his/her salary.

    Of course, it is not introduced as 'buying bonds plan' but it is encapsulated to new 'pension reform'.

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  3. that law will be coming soon to the U.S.

    how's the gold coin supply over there?

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  4. Supply not as good as year ago, some stuffs still missing here on dealers' lists. But from panic month ago it has improved much and premium has normalized.

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  5. "Of course, it is not introduced as 'buying bonds plan' but it is encapsulated to new 'pension reform'. "

    This is the US scheme: http://www.goldworth.com/lewrockwell.html

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  6. Everybody wins! The gov finances their deficits and the people win b/c their hard-earned dollars are put into "less risky" pension assets (bonds vs equities).

    YAY! We're all winners.

    Pay up your 3% Joe Plumber. Someone has to pay for the Billions in TARP and other bank bailouts. Do your share for the good of the country (and help pay forthe bankster bonuses).

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