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?"
Wednesday, June 9, 2010
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