Tuesday, May 18, 2010

Bernanke Admits Fed Caused Great Depression

In case anyone still had any doubts that the Federal Reserve helped create the Great Depression:

Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again.
-Ben Bernanke, November 8, 2002

It only took the Fed 70-odd years to admit to devastating the American economy. I wonder how long we'll have to wait to hear them admit it they did it again.

[via Glas]

1 comment:

  1. For those who doubt this quote, here is the link to the federal reserve and this text: http://www.federalreserve.gov/BOARDDOCS/SPEECHES/2002/20021108/default.htm

    See the end of the speech.