Bernanke: This Crisis May Be Worse Than Great Depression

Focus on the facts. Greenspan and Bernanke have presided over the largest financial train wreck in the history of the world. They continue to pass the line of "nobody saw this coming" and "we are doing everything we can." This coming from the same camp that told us that the "economy is sound" and "it's never been better" in 2007.

To borrow an Obama line, let's use this as a "lesson" that either A.) these people don't know what they are doing or B.) they do and are not being truthful.

If they didn't see the greatest depression coming, they they sure as hell are not going to know how to get us out of it.

Prepare for the worst, hope for the best.

Bernanke: This may be worse than Great Depression
Fed chief says growth will resume at 1% in the second half of this year

By Greg Robb, MarketWatch

WASHINGTON (MarketWatch) -- Federal Reserve Board Chairman Ben Bernanke discussed the economy with average Americans on Sunday, saying the current financial crisis could be even more virulent than the Great Depression.

"A lot of things happened, a lot came together, [and] created probably the worst financial crisis, certainly since the Great Depression and possibly even including the Great Depression," Bernanke said at the start of a town-hall meeting in Kansas City.

Bernanke defended the Fed's extraordinary moves, which have included slashing interest rates to zero, pumping billions of dollars to keep credit markets open, and buying Treasurys and mortgage debt to keep long-term interest rates low.

"I was not going to be the Federal Reserve chairman who presided over the second Great Depression," he said.

The event is being televised over three nights, beginning Monday, by U.S. public television network PBS. Members of the public, screened by PBS, were able to ask questions.

Many questioners expressed unhappiness with the "too big to fail" doctrine. One asked when Bernanke would get around to firing the leadership of banks that had to accept government assistance.

Read More Here: http://www.marketwatch.com/story/bernanke-explains-crisis-to-average-americans-2009-07-26