This Time It’s Different?

I’ve previously addressed the topic of “why are we listening to the same pundits who have demonstrated a complete lack of ability to predict our economic future?” Today, Austrian Filter blog, via ZeroHedge (who has it in a slightly better format) compiled a list of quotes from former Secretary of the Treasury, Hank Paulson, and current Fed Chief Ben Bernanke. It’s a must read.

One Bernanke quote I actually agree with wholeheartedly is this one:

“October 15th, 2007 – Bernanke: “It is not the responsibility of the Federal Reserve – nor would it be appropriate – to protect lenders and investors from the consequences of their financial decisions.”

Alas, the tone seems to have changed on that point these days…


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