Epiphany from Ben Bernanke

This is a compilation of quotes by Ben Bernanke collected by Gerald Celente. A couple of months ago, on this website I shared my concerns that Mr. Bernanke would be re-appointed despite his woeful lack of qualifications and skills for the job (or maybe, brain or conscience - pick what you like more). He did get reappointed. He was recently reassuring the Congress that the recession is over and that we are returning to the pattern of growth. How much trust can be put in his words, can be seen from this document:

Economic Forecasts from
Federal Reserve Chairman Ben Bernanke
2007 & 2008

May 17, 2007: “The effects of the troubles in the subprime sector on the broader housing market will likely be limited, and we do not expect significant spillovers from the subprime market to the rest of the economy, or to the financial system.”

October 15, 2007: “The banking system is healthy… Rather than becoming more crisis prone, the financial system is likely to emerge from this episode healthier and more stable than before.”

November 8, 2007: “We have not calculated the probability of a recession. Our assessment is for slower growth, but positive growth going into next year. We think that by the spring, early next year, that, as these credit problems resolve and as, we hope, the housing market begins to find a bottom, that the broader resiliency of the economy, which we are seeing in other areas outside of housing, will take control and will help the economy recover to a more reasonable growth pace.”

January 10, 2008: “Thus, notwithstanding the effects of multi-billion dollar write-downs on the earnings and share prices of some large institutions, the banking system remains sound… The Federal Reserve is not currently forecasting a recession.”

April 2, 2008: “Monetary and fiscal politics are in train that should support a return to growth in the second half of this year and next year.”

June 3, 2008: “We may see somewhat better economic conditions during the second half of 2008, reflecting the effects of monetary and fiscal stimulus, reduced drag from residential construction, further progress in the repair of financial and credit markets, and still solid demand from abroad. This baseline forecast is consistent with our recently released projections, which also see growth picking up further in 2009. Futures markets continue to predict that commodity prices will level out.”

Clearly, we have the brightest and the most qualified leading us out of the recession which they could not even see and recognize.