Posted on 08/27/2014 1:07:06 PM PDT by RckyRaCoCo
The world finally knows how former Federal Reserve Chairman Ben Bernanke views the 2008 financial crisis.
“September and October of 2008 was the worst financial crisis in global history, including the Great Depression,” said Bernanke in a document filed Aug. 22 with the U.S. Court of Federal Claims, reports The Wall Street Journal. Of the 13 “most important financial institutions in the United States, 12 were at risk of failure within a period of a week or two.”
(Excerpt) Read more at finance.yahoo.com ...
Yes the wealthy and the big banks were in serious trouble and it would have ultimately led to their demise and maybe ours too.
Fortunately the middle class had a lot of accumulated wealth which the Fed was able to liquidate to save the wealthy and the big banks.
Such a DRAMA Queen
2008 would have been a major short-term bump without Stimulus and TARP. Thanks to big government liberals (in some cases big government liberal RINOs) it was far worse and has lasted for six years so far.
O Drama has Big B beat by a mile or two.
Lestist eggheads and ivory tower academics have been the downfall of this country.
The working classes are looked upon as the great unwashed, a burden that our betters must bear.
“My parents lived through the Great Depression, while 2008 may have been a controlled demolition also...it’s effects were far removed from the misery post-1929.”
Oh, the effects of 2008 are still to come. Stay tuned for 2016, according to Martin Armstrong...
maybe they shouldn’t have coordinated the defaults of so many subprime loans at the same time
I picture it happening in about 10 to 15 years.
Except it will be Social Security armies instead of bonus armies marching on DC.
actually, bernanke was a student who studied in depth the great depression...
every action the fed took was not designed to bring us out of recession, but to prevent depression...
the real worry now is going to be the contraction that has to come...
if controlled, it will be painful, but we will come out on the other side stronger than ever...
if allowed to go too quickly, the result will make the aftermath of 1932 seem like childs play..
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