Bernanke said Sunday that the United States has averted another Great Depression:
I think we’ve averted that risk. I think we’ve gotten past that and now the problem is to get the thing working properly again.
Is it true?
Not exactly . . .
It is more or less official that we are already in a depression. And everyone from Bernanke’s predecessor Paul Volcker to the former chief economists of various government agencies think it could very well be worse than the Great Depression.
I wouldn’t fault Bernanke for trying to put a positive spin on things if he were doing everything possible to avert the worsening of the economy.
But everyone from high-level Fed officials to leading economists say that Bernanke is doing all the wrong things, and actually making the crisis much worse.
He says he’s averted a depression . . . but I’m afraid he’s actually brought one on.
Bernanke and the Fed have failed.