Tuesday, October 4, 2011

Bernanke's Interview on 60 Minutes - Dec 2010

Federal Reserve Chairman Ben Bernanke will appear before the Joint Economic Committee on Tuesday at 10 a.m. Eastern to discuss “the economic outlook.” In light of this event, let us revisit Bernanke's interview on 60 Minutes from December 2010.  In this interview Bernanke makes many interesting statements:

* 100% certain he can control inflation.
* Does not seem likely that we will have a double dip recession
* Housing is already weak, and it can't get much weaker
* Unemployment would be much, much higher had the Fed not acted
* Wishes he would have been "omniscient" and seen the crisis coming
* The standard of living gap between the rich and the poor is due to educational differences

Feel free to provide your thoughts on these statements in the "comments" section below.   The burning question is, what does Bernanke see coming next for the U.S. economy?   Whatever the answer is, we are very unlikely to hear the truth.   Remember, a Fed Chairman cannot go on TV and tell the world we are facing the beginning of an inflationary depression.   That reason alone means we should not put any stock into his forecasts for the future.

Ben Bernanke, Bernanke Interview 60 Minutes, Federal Reserve Chairmen Interview

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