Liar, Liar Ben?

2 posts / 0 new
Last post
Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Liar, Liar Ben?

From CR: Please be sure to catch the last paragraph. The last time I saw Bernake lie, or just show his true aptitude for how the financial system works, was on 60 Minutes where they asked him about printing and then said, But that (printing) won't be paid for by the US Taxpayer. He answered no. BS. Paid for in taxes, paid for in a devalued dollar. Paid for in a stalled out economy.

This one is even more profound.

What gives?

Bernanke ARM OK, Head "Explodes"?

Bernanke misspoke in the recent TIME magazine interview:

 

TIME: Do you have a mortgage?

 

Bernanke: Oh, yes, we refinanced.

 

TIME: Oh, perfect. When?

 

Bernanke: About 5%. A couple of months ago.

 

TIME: Good time.

 

Bernanke: Yes. We had to do it because we had an adjustable rate mortgage and it exploded, so we had to.

 

TIME: So, did you get a fixed rate at 5%? I think this might be the most valuable piece of information. (Laughter.)

 

Bernanke: Thirty years fixed rate at a little over 5%.

Bernanke did have an adjustable rate mortgage, but it did not "explode".

Please click on link for rest of article Bernanke ARM OK, Head "Explodes"?

ao's picture
ao
Status: Diamond Member (Offline)
Joined: Feb 4 2009
Posts: 2220
Re: Liar, Liar Ben?

Very interesting.  He probably just wants the positive PR from identifying and associating himself with the plight of the proletariat.  He comes from a hard working middle class background so he may even have a fair measure of guilt about what he's doing to the country.  Only he knows for sure.

 wonder when he got his original mortgage though.  That bit of information would tell us a lot.  It does seem extremely odd to me that the chair of the Princeton economics department would get an ARM, knowing the downside potential. 

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Login or Register to post comments