Bernanke's State of the US Economy Speech: "You are all Dead Ducks!"

[Crewleader]

Feb 17, 2008 - 11:56 AM

By: Mike_Whitney



Even veteran Fed-watchers were caught off-guard by Chairman Bernanke's performance before the Senate Banking Committee on Thursday. Bernanke was expected to make routine comments on the state of the economy but, instead, delivered a 45 minute sermon detailing the afflictions of the foundering financial system. The Senate chamber was stone-silent throughout. The gravity of the situation is finally beginning to sink in.

Bernanke's prepared remarks were delivered with the solemnity of a priest performing Vespers. But he was clear, unlike his predecessor, Greenspan, who loved speaking in hieroglyphics.

Bernanke: "As you know, financial markets in the United States and in a number of other industrialized countries have been under considerable strain since late last summer. Heightened investor concerns about the credit quality of mortgages, especially subprime mortgages with adjustable interest rates, triggered the financial turmoil. However, other factors, including a broader retrenchment in the willingness of investors to bear risk, difficulties in valuing complex or illiquid financial products, uncertainties about the exposures of major financial institutions to credit losses, and concerns about the weaker outlook for the economy, have also roiled the financial markets in recent months.”

http://www.marketoracle.co.uk/Article3729.html

[Narkos]

1. For a guy who wrote the book on the Great Depression

you would've thunk he would've gotten his fucking act together before now!

[aquart]

2. Just didn't notice the similarities.

Anyone could make that mistake, right?

[sendero]

4. He's impotent..

.... there is nothing the Fed can do to stop this, it's way too late.

They can make it a little less painful, but that is all. Brace yourself because it's coming.

[ConcernedCanuk]

3. Dead ducks under the rule of a lame duck

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I hope they all don't take down too much of my country with it.

But our Harper dude seems to be firmly latched to the backside of USA's lame duck . . .

I am now more concerned than ever, that the evil in USA's government is spreading up here.

I hope we wake up.