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?"


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

  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'.

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

    how's the gold coin supply over there?

  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.

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

    This is the US scheme:

  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).