Menu Close
Posted in Other Guys

Bernanke – "The Pompous Professor from Princeton"

As evidenced by this piece on FinancialSense, James Quinn is not a member of the Ben Bernanke Fan Club. While Benny is convinced he has all the answers to what ills the economy, Quinn points out some examples of how Bernanke has been spectacularly wrong in the past. Here’s a sampling, followed by the link to the full commentary….

The U.S. economy is a complex interaction of thousands of variables and is intertwined with the policies and actions of hundreds of other countries throughout the world. No one has a handle on the worldwide economy and no model can predict anything with any amount of accuracy. And still, this pompous professor from Princeton who has never worked a day in his life in the real world is 100% SURE that HE knows what will happen and when it will happen. I’m sure his track record of predictions and analysis will give you comfort in this statement:

“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.” – 7/1/2005

“Housing markets are cooling a bit. Our expectation is that the decline in activity or the slowing in activity will be moderate, that house prices will probably continue to rise.” – 2/15/2006

March 28th, 2007 – Ben Bernanke: “At this juncture . . . the impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained,”

http://www.financial…00-percent-sure

Related Posts

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.