Given that he didn’t see the first recession, is this good news or bad news?
Ok, I had nothing to write about today. G.19 showed total consumer credit expansion, but revolving credit contracted at a rapid clip.
Comments like this from Bernanke are completely meaningless. I don’t know exactly where the line is but there comes a certain level of public power where you just can’t say that bad things are likely because it will make them more likely, a self-fulfilling prophecy. Bernanke is absolutely on the side of the line where this applies. This is why the videos of public figures in major political positions from 2006-2008 saying everything will be ok aren’t as interesting as people make them out to be. So Hank Paulson saying we’re going to be ok: he has to. Ben Stein saying everything is fine: go back to being an actor because this economist thing isn’t working out. Tim Geithner or Ben Bernanke says a double-dip hasn’t started yet but is likely: stock market crash.
