Mr. Bernanke is quoted making the statement in a document filed on Aug. 22 with theU.S. Court of Federal Claims as part of a lawsuit linked to the 2008 government bailout of insurance giant American International Group Inc.AIG +0.37%
“September and October of 2008 was the worst financial crisis in global history, including the Great Depression,” Mr. Bernanke is quoted as saying in the document filed with the court. Of the 13 “most important financial institutions in the United States, 12 were at risk of failure within a period of a week or two.”
From where I sit I allege that’s either perjury or an admission of intentional and willful misconduct.
After all The Fed’s mandate is to regulate money and credit supply. That includes the credit that AIG was (ab)using with their little game.
Oh sure, AIG itself may have been outside of the Fed’s regulatory umbrella, but the 12 financial institutions were not.
Any time the blue line is above the red the money and credit system, which The Fed is responsible for balancing under the law, is in fact not in balance. It wasn’t leading up to the crash in 2008 and it isn’t now.
Therefore either Bernanke and pals were incompetent or complicit. And since Bernanke claims competence, as does Geithner, that leaves only one option.
For how long will Americans allow this blatant, in-your-face outrageous crap to continue?