Ben Bernanke on Sixty Minutes

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hucklejohn
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Ben Bernanke on Sixty Minutes

I thought I would start a thread soliciting reactions to the Bernanke interview on Sixty Minutes.  He sounded extremely nervous to me and appeared lost.   He never acknowledged that although many others could see the 2008 crash coming he did not.  My hypothesis has been that Bernanke worships the god of monetary economic theory, that all "mistakes" are unforseeable, that he is doing his best, and that economic facts and monetary history don't really matter.  Particularly the history that fiat currencies always fail.  This man is full of hubris and simply doesn't understand real economics -- only economic theory.  I believe he is being used as cover while the banking cartel diverts more and more wealth to itself.  The main takeaway for me is that this man is in deep deception.  Also, the apparent purpose of the interview was assure the people that "those in charge"  are doing  their best and that we should look for brighter days ahead but it may take awhile -- as in years.   The interviewer was no help.  I would have brought out quotes from Peter Schiff, Marc Faber, Jim Rogers, Bob Chapman, Jim Sinclair, Jim Willie, others.     

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Re: Ben Bernanke on Sixty Minutes

 

Wish someone else interviewed Ben

 

www.youtube.com/watch?v=LxSv2rnBGA8

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Re: Ben Bernanke on Sixty Minutes

100% degree of confidence that he can control this situation?!  Uh huh.  And the Titanic is unsinkable.  Ding, ding, ding ... all hands abandon ship ... she's going down.  

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Re: Ben Bernanke on Sixty Minutes

I didn't see the interview, but a news recap I saw emphasized him saying that he is not printing money, that the money supply is not increasing.  What was his rationale for that statement?

Doug

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Re: Ben Bernanke on Sixty Minutes

60 minutes used to be a reasonably good news show.  This was more like MSM bank propaganda.

At around 4:55 he states that the $600 billion dollars the feed is going to spend is from "their own reserves".  WTF?

If Joey the mobster buys stuff with with his own reserves its called illegal counterfeiting.  When the FED does the same its somehow considered a blessed event called quantitative easing.  At 10:50 he basically talks about FED independance being critical so that they can do what is best for the economy without short term political considerations.  What an amazingly undemocratic statement.  I wonder if he could describe a situation that would be good for the economy but bad for the banks.  I don't think so because his world view is what is good for the banks is good for the country.  How contemptable!

I wish there was such a things a real deception expert like Dr Lightman from "Lie to Me" that could interview Ben.  It would be nice to know if he is evil or just so deluded that he actually believes his own BS.

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Re: Ben Bernanke on Sixty Minutes
Doug wrote:

I didn't see the interview, but a news recap I saw emphasized him saying that he is not printing money, that the money supply is not increasing.  What was his rationale for that statement?

None! He just said it out of the blue. But I guess he does not trust his own reports!Tongue out
http://www.federalreserve.gov/releases/h6/current/h6.htm

Samuel

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Re: Ben Bernanke on Sixty Minutes

Bernanke is a stooge. The bankers didn't want someone like Volker who understood austerity. They are counting on Ben to do as told and take the dollar to zero.

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Re: Ben Bernanke on Sixty Minutes

There is a real lie detection expert (I don't watch that show) upon whom that character is based. He is a psychologist named Ekman;Google him.

Am not in wifi friendly spot or I'd get infor for you. I believe that he sells a batch of DVDs that will teach you to analyze facial expressions.

You'll need good facial discrimination and memory skills.

I assume that Ekman could watch the interview and comment if he were so inclined.

 

SG

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Re: Ben Bernanke on Sixty Minutes
goes211 wrote:

I wish there was such a things a real deception expert like Dr Lightman from "Lie to Me" that could interview Ben.  It would be nice to know if he is evil or just so deluded that he actually believes his own BS.

He does a partial eyelid close with a lid flutter when he says things that he knows aren't true.  He can't hide it.  He's done it in many interviews.

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Re: Ben Bernanke on Sixty Minutes

http://usawatchdog.com/cbs-allows-fed-to-spread-disinformation-unchallen...

Here is the full article:

CBS Allows Fed to Spread Disinformation Unchallenged

By Greg Hunter’s USAWatchdog.com

It appears the CBS TV show 60 Minutes is the Federal Reserve’s go-to place to get its message out to the country.  Fed Chief Ben Bernanke, basically, told America last night that the trillions he pumped out into the world economy, because of the 2008 financial meltdown, was necessary to save us all from a depression.  Ben also reassured America and the world Quantitative Easing (QE), or printing vast amount of dollars, will not have an inflationary downside.  He told 60 Minutes reporter Scott Pelley he is “100%”sure inflation will remain under control and will not soar higher.   In my opinion, what Mr. Bernanke said could not be further from the truth.  Most of the world’s financial leaders from places like China, Russia, Germany and Brazil all think what the Fed is doing is a very bad idea.

Anyone who finds Mr. Bernanke’s inflation prediction comforting should look at his past forecasts.  The Fed Chief has been wrong on almost every major prophecy he’s given since he’s been in office.  Just 4 years ago, Ben Bernanke predicted “a leveling out or a modest softening” in residential real estate prices and that homeowners were in “reasonably good”financial shape.  Three years ago, Mr. Bernanke said the sub-prime mortgage crisis “seems likely to be contained.”  Since then, we’ve had record foreclosures in the millions per year, and in some markets, home values have been cut in half!

Bernanke admitted last night he did not see the financial meltdown coming.  How could he say anything else?  Pelley did ask Bernanke, “How did the Fed miss the looming financial crisis?”  Bernanke responded, “There were large portions of the financial system that were not adequately covered by the regulatory oversight.”  It was the Federal Reserve that said repeatedly Over-The-Counter derivatives did not have to be regulated.  Derivatives are exotic and sometimes toxic “debt bets” with little or no regulation, standards or guarantees.   Soured OTC derivatives were largely responsible for the meltdown of 2008.  If there were large portions of the economy that “were not adequately covered by the regulatory oversight,” it was the Fed who lobbied against regulating these “debt bets.”  So, the Federal Reserve’s lack of regulation over a market, that is hundreds of trillions of dollars in size, is the cause of the meltdown of 2008.  60 Minutes did not bring up this important point. 

On the question of printing money, the Fed Chief said, “One myth that’s out there is that what we’re doing is printing money.  We’re not printing money.  The amount of money in circulation is not changing. . . .What we’re doing is lowering interest rates by buying treasury securities and, by lowering interest rates, we hope to stimulate the economy to grow faster.”    The Fed iscreating money electronically to buy treasuries because if the U.S. financed the country’s debt through auction, foreign investors would demand much higher interest rates.  So, the Fed is buying the government’s own debt and, thus, holding interest rates artificially low.  If that is not “printing money,” I don’t know what is.  The academic term is called “monetization,” and how Bernanke’s statement went unchallenged by Scott Pelley, is beyond me.   60 Minutes allowed the Fed to spew its prognosis about the chances for more inflation without any dissenting view, even though Pelley said critics think what the Fed is doing is a “terrible idea.”  What kind of one-sided reporting is this? 

I think it is the same kind of journalism I saw 60 Minutes do in August of 2009.  I wrote about it in a post called “The Soft Truth.”  Back then I said, “In June, 60 Minutes did an updated profile of Fed Chief Ben Bernanke. Good time to do this story because we are suffering through what former Fed Chief Paul Volker says is “the mother of all crises.” The Fed has denied Freedom of Information requests by two different news networks to get the Fed to reveal which banks got trillions of dollars to avoid systemic collapse . . . Why 60 minutes did not press the Fed Chief about the secrecy of vast sums of money is troubling to me. Should the American taxpayer expect the Fed to “fix” the system behind closed doors without public scrutiny? We did get to see Bernanke’s childhood home in the CBS story, and that is what’s really important!”  (Click here to read the complete version of the Soft Truth.)

Mr. Bernanke is charged with guiding the economy at a time of great uncertainty.  If 60 Minutes allowing the man in charge of monetary policy to explain what he is doing, shouldn’t his track record be of profound importance?  Of course, and yet Bernanke was not asked to explain any of his terrible predictions and wrong market calls.  Just this past August (in Jackson Hole Wyoming) Mr. Bernanke said, “I expect the economy to continue to expand in the second half of this year, albeit at a relatively modest pace.”  In early November, the Fed announced more Quantitative Easing in the amount of $600 billion because the economy was still in the tank—another erroneous call.  The Fed Chief did not rule out more QE and said, “It doesn’t seem likely that we’ll have a double dip recession.”  Based on Mr. Bernanke’s record, I’d bet on another sharp downturn in the economy and more money printing to stop the fall.

When it came to sub-prime loans, Bernanke said, “One of the things I most regret is that we weren’t strong enough in putting in consumer protections to try to cut down on the subprime lending problem.  That’s an area where I think we could have done more.”  The Fed wants to protect consumers?  Is that why the Fed is trying to make it harder for consumers to stop foreclosures?  McClatchy.com reported last week, “As Americans continue to lose their homes in record numbers, the Federal Reserve is considering making it much harder for homeowners to stop foreclosures and escape predatory home loans with onerous terms.  The Fed’s proposal to amend a 42-year-old provision of the federal Truth in Lending Act has angered labor, civil rights and consumer advocacy groups along with a slew of foreclosure defense attorneys.”  (Click here for the complete story from McClatchy.com.)  Why didn’t 60 catch this obvious piece of BS?    

The 60 Minutes story was more of a government information video than honest journalism.  Not exploring Mr. Bernanke’s dismal track record is “too stupid to be stupid.”   Shame on 60 Minutes for masquerading as a news program and allowing disinformation and bad calls to go unquestioned and unchallenged.

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