The immediate trigger of the crisis, as you know, was a sharp decline in house prices, which reversed a previous run-up that had been fueled by irresponsible mortgage lending and securitization practices. Policymakers at the time, including myself, certainly appreciated that house prices might decline, although we disagreed about how much decline was likely; indeed, prices were already moving down when I took office in 2006.
Oh fuck you — you outrageously bogus piece of dogshit.
In the year leading up to the crash you watched while the economy built seven dollars of debt for every dollar of advancement in GDP. That very same year when you pronounced that subprime was likely to be contained you knew damn well what was going on because this is your data, not mine and you had it before I or anyone else did.
You in fact knew, factually that the American consumer had been falling behind since 1980 on a continual basis, with only a quarter or two (in the early 1990s) where income from all sources, including government transfers, kept pace. You knew damn well that this was all a game of pulling forward tomorrow’s demand into today and that like all exponential functions it had to eventually end.
You may not have known exactly when it would end, but you were utterly certain that it would, because mathematically it had to. You did not lift afinger to stop it before the crash, you did not take one regulatory action to uncover and stop the fraudulent issuance of credit to people who could never have paid back what was lent to them and you did exactly nothing to shut down the securitization fraud machine upon which all of this exponential increase in credit issuance rested.
Then when things got dicey you claimed to be providing liquidity to the system while in fact you were draining it. You factually drained $125 billion out of the banking system over the space of four business days from 9-19-2008 to 9-24-2008.
What happened during those days Ben — and in the days that followed?
These are facts published by your own institution and not subject to dispute.
The media’s unwillingness to hold you to account for this crap, up and down the line, along with the government leaves them all standing as willing and intentional co-conspirators in these lies.
Go away. Go back to Princeton, or wherever.
I hear Antarctica has wonderful seasons and would be a fitting place for you to live.
Thinking people should blackball you, your family, your associates, every lawamker or journalist that praises you, and anyone you taught in the past or teach in the future — without exception.
Good riddance to one of the destroyers of families, of futures, and of our nation, not that I expect Yellen to be any more-honest, nor is it likely she will be held to any more account for her acts following you than you were, or that of Greenspan before you.