You Won't Believe What Bernanke Said About Bailouts At His 2005 Confirmation Hearings
Mar 31, 2011 at 8:53 PM
DailyBail in bailout, bernanke, bernanke, congressional hearings, congressional video, federal reserve, federal reserve, jim bunning, senate, too big to fail, video

In honor of today's Supreme Court forced data dump from the Fed.

Jim Bunning was the only Senator who had the courage to vote 'no' in the 99-1 shellacking that officially seated Bernanke in 2005.

In response to a question from Sen. Jim Bunning in November of '05, Bernanke said the following:

Bunning entered the '05 quotes into the official record for Bernanke's 2009 reconfirmation hearings:

Bernanke's denial in 2005 of what came to pass just 24 months later, and the fact that the Fed's response to the crisis turned out to be the polar opposite of what he promised, is substantial, and in a world where Congress were not so beholden to Wall Street, it would be sufficient grounds for any Senator to vote 'no' on Bernanke's re-confirmation.  

But there is no doubt about this battle of transcripts -- Bunning wins; Bernanke loses.  B-52's laughable words are now repeated for emphasis:

Ouch.  Bondholders were made whole in every case except Lehman, and we learned that several banks were judged too big to fail.  The Chairman's words have never been cheaper.

We deserve better.

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Now sit back and enjoy the beatdown...

Video - Bunning destroys Bernanke

 

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