Bernanke Responds To QE Critics: 'You Were All Wrong!'
Apr 9, 2016 at 2:31 AM
DailyBail in QE, asset bubble, banks, bernanke, bernanke, economy, economy, fed, fed policy, federal reserve, federal reserve, hyperinflation, inflation, janet yellen, qe, quantitative easing, video



Critics said his decisions including QE and trillions in secret bailouts for Wall Street would cause hyper inflation and asset bubbles. They were half right. Bernanke is now claiming total victory and doing a fantastical two-step on the global Fed stage. For the record, I have consistently written the following since launching Daily Bail in 2009:

We are Japan. The problem was, is, and will remain deflation.

So he is correct about hyper-inflation, but mind-blowingly wrong on Fed-stimulated asset bubbles. And of course he fails to mention the negative consequences of QE -- that the banks got richer, and savers were screwed. It really is that simple. And no fewer than 5 Fed governors have gone on record over the last few years criticizing QE for these exact reasons.

Bernanke's only concern during his reign at the Fed was the health of commercial banks, global insurers and Wall Street. He along with Paulson, Geithner, a clueless Bush and hundreds of Congressional minions, worked frantically and dishonestly to pass a $700 billion bailout that saved bonuses for bankers here and in Europe, and in the end, turned capitalism on its head.

But Bernanke never chooses to mention these unpleasantries. Dance on, Ben. Dance on.



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