Monday, July 27, 2009

Bernanke Feared a Second Great Depression -

Bernanke Feared a Second Great Depression -
"Federal Reserve Chairman Ben Bernanke on Sunday said he engineered the central bank's controversial actions over the past year because 'I was not going to be the Federal Reserve chairman who presided over the second Great Depression.....

And later:

"Mr. Bernanke responded that "nothing made me more frustrated, more angry, than having to intervene" when firms were "taking wild bets that had forced these companies close to bankruptcy."

More than 20 people asked questions...on topics ranging from bailouts to mortgage-regulation practices to the Fed's independence....Mr. Bernanke suggested that a movement by lawmakers to open the Fed's monetary-policy operations to audits by the Government Accountability Office is misunderstood by the public....

"I don't think that's consistent with independence," he said. "I don't think people want Congress making monetary policy."

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