Wednesday, November 02, 2011

Don't Blame Me

"I think that the concerns about the Fed are based on misconceptions,” [Fed Chairman Ben] Bernanke continued. “The Federal Reserve was involved, obviously, in trying to stabilize the financial system in 2008 and 2009, a very simplistic interpretation of that was that we were doing that because we wanted to preserve, you know, banker salaries. That is obviously not the case.”

“What we were doing was trying to protect the financial system in order to prevent a serious collapse of both the financial system and the American economy. And we needed to take those steps. If we hadn’t taken them the consequences would have been dire.”

  Raw Story

Yes, thank goodness Goldman Sucks was given billions of dollars so it wouldn’t collapse. Just because it wasn’t even going under and wasn’t even in the business of commercial banking, but had to quickly get such a classification so it could snag some TARP money, doesn’t mean things wouldn’t have been dire if they hadn’t gotten it. But what else is the Fed chairman going to say? Maybe after he retires, like old Alan G he’ll admit he made a mistake. After he’s finished off what Greenspan started.

....but hey, do what you will anyway.

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