Bernanke’s Sovereign Deception: Bernanke Lied And Should Be In Jail Too

I love how these ex-Fed Chairmen admit the truth several years after the fact.  Recall that Greenspan gave a famous speech about the not being able to see financial bubbles until after they occur just before the internet/tech stock bubble popped.

And Bernanke stated in the 2005-2006 timeframe that there was not a housing bubble and that the economy was fine.  Of course, that was just before the housing market crashed hard and the economy dropped into the worst economic contraction since the Great Depression.

Now all of a sudden Benanke seems to have found “religion” about the criminality of bankers.  I wonder if this is part of his Yom Kippur “soul cleansing.”  In an interview this past weekend Bernanke stated that financial executives should have been investigated and prosecuted for perpetrating the great financial collapse:  More Wall Streeters Should Be In Jail.

The obvious injustice here is that Bernanke was in a position to enforce the laws and go after the Wall Street crooks in cooperation with the Justice Department.  But we know that the Justice Department is controlled by Goldman Sachs and the law firm, Covington Burling.  Goldman was one of Attorney General, Eric Holder’s biggest clients and Covington Burling is Holder’s employer.

Even more stunning, Bernanke stated that:

I certainly was not eager to bail out Wall Street and I had no reason to want to bailout Wall Street itself,” he told USA Today. “But we did it because we knew that if the financial system collapsed, the economy would immediately follow.”

This is an outright blatant lie.  And my good friend and colleague, John Titus of “Best Evidence,”  has compiled direct proof that Bernanke spear-headed the Fed’s bail-out of Wall Street AND he lied about the dollar amount involved in front of Congress.  Ben, the evidence is in the Fed transcripts from the 2009 FOMC meetings:  Bernanke’s Sovereign Deception

How come when Bernanke was in a position to enforce the law he was silent?  It’s because he was part of the crime syndicate.

color-bernanke-webIt’s amazing how these insiders are jumping ship and trying to come clean about their tenure in power in an attempt to save their legacy.  Fortunately, like all criminals, they have been careless about covering their tracks.  As Titus has demonstrated, anyone who with enough motivation can pour through public documents and find the truth.

Nice try Ben, but you are tolling a bell that should be tolled for you as well.

7 thoughts on “Bernanke’s Sovereign Deception: Bernanke Lied And Should Be In Jail Too

  1. I see green shoots

    Home prices have never declined countrywide at same time

    sub prime will not spread. These last 2 shared with MS Yellen
    Yellen has a new one-they have concerned about an overheating economy.

    some credit goes to Bernanke–when he told Congress that they have to do something abut fiscal policy, The response came From Chuck Schumer telling Bernanke to get back and print.

  2. Some one is selling into every one of these “rallies'” Rory wants’ to know where the silver is coming from , I want to know where the credit is coming from? to pump this crap up week after week after month…year blah,blah. The retail investor tapped out the consumer tapped out…can only be .gov pumping all of this junk…what you say here is true Dave ..but how are they doing this with out causing massive inflation some where, I think it’s gonna be silver where it really starts to show. While Bernanke may be a liar , that was what .gov payed him to do. Personally Hank Paulson, Cheney et al are the ones that that truly should be in jail.

  3. ““But we did it because we knew that if the financial system collapsed, the economy would immediately follow.”

    No, you did it Ben because if the financial system had collapsed, all you financial insiders would have lost your fortunes. The real economy would recover in time, but all you guys would have lost your shirts.

    I think Dave they are just laughing at us. They know they got away with the greatest heist in history, and now they are rubbing our noses in it.

  4. Bernanke’s Cockroaches

    Bernanke conveniently conflates bailing out institutions (which was necessary) with the issue of responsibility, as in holding individuals accountable. The refusal to replace boards and top executives, particularly at institutions with obviously weak leadership (Citigroup and Bank of America were top of the list) was indefensible. Even if there was not enough readily locatable recently retired bank executives to fill the ranks of all the wobbly banks, forcing changes upon Citi and Bank of America would have sent a very powerful message to the rest. And we’ve argued at length, for years, that there was no dearth of legal theories that were simply not even attempted as far as prosecuting bank executives was concerned, starting with the one designed for the task, Sarbanes Oxley.

    But what pathetic new line do we get from Bernanke? His feelers were hurt when he read a bumper sticker? People lost their businesses, their jobs, their homes as a result of the crisis, and we are supposed to feel sorry for his wounded feelings when he is called out in the tamest terms possible?

    This illustrates how insulated and preening our ruling classes have become, that they are unable even to take mild criticism, let alone a remotely accurate assessment of the job they’ve done.

    By contrast, as Jim Collins found in his book on true top performers, Good to Great, the heads of those companies did the opposite of the diseased norms exhibited by Bernanke: they gave credit for success to their teams, and took full blame for failure.

    The time is past to deal with these intelligence-insulting efforts at revisionist history. When I read a new, improved set of excuses from people like Bernanke, I feel like I’ve walked into my kitchen and turned on the lights after the exterminator paid a visit, only to find cockroaches scuttling all over my counter yet again.

    Every time you read self-serving justifications from the perps of the crisis, visualize cockroaches on a counter. Only when the officialdom realizes you’ve programmed your own Pavlovian defenses against their Big Lies might you be able to stop them.

  5. Alan and Ben should be put in a cell together so that they could continue the ‘screwing of mankind’, that they have been doing for far too any years….imho

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