Bernanke admitted Fed prolonged depression, Right?
Submitted by nalicosh on Tue, 01/13/2009 - 18:03
I am in an argument on Reddit and I am looking for the video where Bernanke admits that the Fed contraction of credit prolonged the great depression. I really think I saw this clip somewhere previously, but I am having trouble locating it now. I hope I am not just imagining it : )
I wan't to say it was a speech given in honor of Mises?
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He doesn't say specificallyWHAT the fed did wrong here, but...
Is this the quote you're looking for?
"Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again. "
- Ben Bernanke, November 8, 2002
Source: http://www.federalreserve.gov/BOARDDOCS/SPEECHES/2002/200211...
Most certainly not....
...given during a dinner to honor Mises. I can't remeber the exact occasion, but I do know that every time an Austrian Economist or Theory comes up, Helicopter Ben dances like the best of politicians. You should have seen him last night in London when asked about the "Austrian Theory". He danced like Fred Estaire! Quite frankly, I couldn't imagine any Central Banker being at any Austrian event, the Austrian theory is completly Anti-Central Banks!
I think he wrote it in one of his books
http://en.wikipedia.org/wiki/Ben_Bernanke#Bibliography
check here for his bibliography.
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"the only thing that keeps the banking system from failing is general ignorance about how the banking system works."
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the fed caused the
the fed caused the depression by artificially increasing the money supply and then artificially decreasing it ... as well as going off the gold standard
I 'm not sure
if he ever directly admitted that, though RP grilled him on that topic here -
http://www.youtube.com/watch?v=iG6R2xy3Vp8
Ron did make him admit that inflation is a tax once.
"Tyrants fear nothing more than insubordination"
"It's just one big club... and WE ain't in it!"