“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.”
– Ben Bernanke – July 2005“House prices have risen by nearly 25 percent over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals.”
– Ben Bernanke – October 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.”
– Ben Bernanke – February 2006“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.”
– Ben Bernanke – February 2007“The Federal Reserve is not currently forecasting a recession.”
– Ben Bernanke – January 2008
And here’s Captain Obvious striking again:
“There is a problem with kicking the can down the road.”
– Ben Bernanke, Dec 12, 2012
Just brilliant!
When I saw his claim to fame was his specialized knowledge on the Great Depression………and his behavior showed shocking ignorance of some of the basic lessons of that era…….I knew it would only get worse.
Boy, has it.