From the Tom Woods Letter:
Remember the good old days of 2008, when we used to make fun of the Federal Reserve?
Remember those compilation videos collecting all the dumbest, most clueless things Fed chairman Ben Bernanke had said about the housing market and the economy?
Ha, ha, ha, right?
It wasn’t just Bernanke, either: it was important Fed officials in various capacities, like Randall Kroszner, the Fed’s number-one official when it came to regulation of financial markets.
And man, were they doozies.
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There’s no housing bubble.
There can’t be a housing bubble.
Lending standards are robust.
Even if there is a housing bubble, it won’t affect the rest of the economy.
The global economy (in 2007) is strong, and robust growth is to be expected.
And a whole bunch more.
Well, maybe this wasn’t just a bunch of jokers making elementary errors.
When the number-one official involved with regulation of financial markets makes repeated statements which, based on his own expertise, he simply has to know are false, perhaps something less benign is going on here.
In other words: maybe Ben Bernanke and his cohorts weren’t simply wrong.
What am I driving at?
Check out episode #1376 of the Tom Woods Show: “The Fed’s Lies: A Fun-Filled Review”:
https://tomwoods.com/ep-1376-the-feds-lies-a-fun-filled-review/
One other thing:
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