Ben Bernanke on "60 Minutes"

Discussion in 'Politics' started by D_Ireonsyd_Colonrinse, Mar 16, 2009.

  1. D_Ireonsyd_Colonrinse

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    Ben Bernanke talked to Scott Pelley last night on "60 Minutes". Rare for a Federal Reserve chairman to give a formal interview, the first in 20 years.

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    Bernanke explains to Pelley that the Federal Reserve system was created by Congress in 1913 - "and it's original purpose was to deal with financial panics, which is what we're doing right now."

    Scott Pelley: "You didn't rescue Lehman Brothers. It set off a worldwide panic when it went bankrupt, and I wonder, looking back, whether you think that was a mistake?

    Bernanke: There are many people who said "Let 'em fail!, you know? ""It's not a problem, the market will take care of it"... and I think I knew better than that. And Lehman proved that you cannot let a large internationally-active firm fail in the middle of a financial crisis."





    Pelley asks why are we bailing out Citigroup and AIG and other financial institutions multiple times? Taxpayers give billions, then they come back for more. Shouldn't failed institutions fail? Shouldn't the wages of failure on Wall Street be failure?


    Bernanke: Well, let me give you an analogy, if I might. You have a neighbor who smokes in bed, and he's a risk to everybody, and suppose he sets fire to his house. You might say to yourself -- "I'm not gonna call the fire department. Let his house burn down! Fine with me." But, then, what if your house is made of wood, and it's right next door to his house. What if the whole town is made of wood? I think we'd all agree that the right thing to do is put out that fire first, and then say, What punishment is appropriate, how should we change the fire code, what needs to be done to make sure this doesn't happen in the future, how can we firproof our houses? That's where we are now. We have a fire going on.


    Pelley: It's still burning.


    Bernanke: It's still burning.





    Hopefully, these youtube links will remain active:


    YouTube - Bernanke 1/3: Bernanke had freedom to act, didn't need permission from Congress or president!

    YouTube - Bernanke 2/3: Federal Reserve is the life blood of the banking system!

    YouTube - Bernanke 3/3: We had a regulatory system that was like a sandcastle on the beac!
     
  2. lucky8

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    Bernanke flat out lied in that interview. There were buyers on the table for Lehman Brothers, but the Fed did not allow for these buys to take place, and actively insured that Lehman would go bankrupt. This is a fact. Bernanke can go fuck himself, that lying sack of shit.
     
  3. thadjock

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    seems like a nice enuff guy, but he didn't really get any hardball from pelley, 60 mins. luvs obama.

    the dude was a serious geek as a kid though, black glasses and all.......so he must be smart, right?
     
  4. houtx48

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    who was president when lehman brothers failed? there was a president but no leader.
     
  5. midlifebear

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    hout48:

    Bulls eye! It never fails to amaze me how short the memory is of the typical 'Mericuhn.
     
  6. B_Nick4444

    B_Nick4444 New Member

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    fifteen minute memory, sayeth Dr Martin Luther King

    wonder if that explains some elections and re-elections?
     
  7. Principessa

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    I saw him on tv last night and my thought was, the problem isn't the fire code; it's the jackass smoking in bed. Bernanke's job as I understood it is to act like a nanny to Wall Street. In his analogy the guy smoking in bed is Wall Street, Fannie Mae, Freddie Mac and the rest of those damned shysters. IMO, Bernanke as nanny should have tucked them in at night and taken away the cigarettes, lighters, and checked under the bed to make sure there was no hidden stash. :cool::rolleyes:
     
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