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Ben Bernake Didn't See The Financial Crisis Coming

The Government's False Sense Of Security 

December 8. 2010


Ben Bernake

The US government claims it didn't see the recession (actually a depression) coming, yet for years, as attested by website statistics, they have read my websites that began predicting it in 2006 via the Sound Off Column. Did you not see it coming or ignored the warnings. There is a difference. 

Many of my readers have followed the site for years and read the warnings as well and can attest to what has been published (in addition to the sites being time stamped and regularly copyrighted). Then the financial crisis hit in 2008, causing significant damage domestically, which spread to the international community. 

The government keeps comparing the current economy to the one that existed during the Great Depression, erroneously claiming things are not that bad. However, they are comparing apples and oranges. America's population during the Great Depression was much smaller than it is today (315 million) with a different corporate landscape, creating greater liabilities and a dissimilar dynamic. Stop consoling yourself with false comparisons, as it is going to lead to massive trouble in the short term and long run, that if you do not fix today, will lead to corrosive, permanent financial damage tomorrow.

Once again the current crisis has surpassed the Great Depression in many respects. Those angles need to be looked at carefully by the government, which is missing the implications of failure on their part. The Great Depression did not have a record number of foreclosures, business failures, bank failures and segments of the country with record job losses as the overall picture. 

This is in addition to the record high food stamp count the current depression maintains. Neither were there costly wars raging in the Middle East, adding to an already swollen federal budget, negatively contrasted by a soaring national deficit. Once again, apples and oranges and you are going the wrong way.

By God's grace the Judiciary Report foresaw the financial crisis and can see what's coming again. The terrible, escalated spending President Obama is still engaging in, combined with the fact the government refuses to raise taxes on the rich, whilst supporting untenable wars in the Middle East, shall lead to a greater, shall lead to an unprecedented financial calamity. It is poised to bring about the collapse of the U.S. federal government and deteriorate the American standard of living as never before.

The White House and Congress have taken an other detour to disaster in not raising taxes on the rich and reducing massive spending. If it is not corrected soon, things will turn very ugly. The 2008 financial crisis was caused by an illegal redistribution of the nation's wealth, in gouging the poor and middle class. It needs to be reversed, via a small tax increase on the rich, with the money placed in the Treasury to balance the deficit and compensate for tax cuts given to the middle class and lower income Americans.

To the rich citizens in America that gouged the poor and middle class and profited from terrible, unethical conduct that led to the financial crisis, you should be ashamed of yourselves. It was an act of treason against America. You have damaged the nation - the same one and your families live in. 

In closing, you are quite deluded to believe you can continue abusing the poor and middle class and it not end in a revolt. The Judiciary Report is not encouraging anarchy, but if one looks back into world history, anytime the populace is abused to intolerable, unbearable levels, they revolt and it results in the calamitous fall of the wealthy.    


Bernake Defends Reckless Spending


Down From The Pedestal

Wednesday, December 8, 2010 | 6:10 a.m. - Americans no longer think the U.S. economy is No. 1, a new Allstate/National Journal Heartland Monitor poll shows. In the global race for jobs and economic prosperity, the United States is No. 2. And it is likely to remain there for some time. That’s the glum conclusion of most Americans surveyed in the latest Allstate/National Journal Heartland Monitor poll. 

Henry Luce famously labeled the 20th century the “American Century.” This survey suggests that most Americans now doubt that this new century will bear that name. In the poll, only one in five Americans said that the U.S. economy is the world’s strongest—nearly half picked China instead.




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