Chairman of the Federal Reserve says conditions would continue to improve and be strong enough
to slowly reduce the unemployment rate.
Why? Why do we even give this douche bag the time of day?
Lets go back in time just a tad............
7/1/05 – Interview with CNBC
“We’ve never had a decline in house prices on a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s gonna drive the economy too far from its full employment path, though.”
2/15/07 - Semiannual Monetary Policy Report to the Congress
“Despite the ongoing adjustments in the housing sector, overall economic prospects for households remain good. Household finances appear generally solid, and delinquency rates on most types of consumer loans and residential mortgages remain low.”
3/28/07 - Testimony before the Joint Economic Committee
“At this juncture, however, the impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained. In particular, mortgages to prime borrowers and fixed-rate mortgages to all classes of borrowers continue to perform well, with low rates of delinquency.”
1/10/08 - Q&A after speech
“The Federal Reserve is not currently forecasting a recession.”
6/10/08 - Boston Federal Reserve’s 52nd annual economic conference
“The risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.”
And my all time favorite.........
7/18/08 - Remarks to the House Financial Services CommitteeLOL........and two freakin months later taxpayers have to take over Fannie & Freddie.........unbelievable.
“The GSEs are adequately capitalized. They are in no danger of failing.”
If they were "Adequately Capitalized" .......then why the fuck do taxpayers have to back them?
Hang this bastard. This is pure fraud.
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