Bernanke on the Response to the Great Recession
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- Опубликовано: 14 авг 2022
- Former Federal Reserve Chair Ben Bernanke describes how the central bank approached the 2008 financial crisis and the subsequent Great Recession.It’s part of our series “Critical Moments for the Fed.” Read more in Bloomberg’s Big Take: www.bloomberg.com/features/20...
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My kids live out of town and my enjoyment is to go see them and my grandkids. After listening to this podcast and others I look for a glimpse of what I can do now. I am exhausted and do not want to continue working. I am that employee that locks the door at the end of the day. Regrets now - that I did not take care of me - I just kept working. I hope people will read this and realize - time to take care of you!!! It’s our responsibility to do so.
Thanks for sharing. I sit here, 45 years old worked hard for so many years, kids grown - well educated, house paid for, no debt - bought a new vehicle and will pay off. But.....no savings for retirement. So mad at myself that I worked all these years and did not take care of my retirement. Just worked and the years flew.
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@@richardyepesdiego5702 you yourself have to define the life you truly want and do everything you can to gain that. Stop living for others, and what they might think of you and do what's best for you at the end of the day.
@@richardyepesdiego5702 Thanks for the outlook. You should do well and research for a reliable broker to invest with, from there you can grow your portfolio and see your dream come through
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economy still out of whack cause of this guy.. Introducing Fed purchases of MBSs and unhinged QE got us to this inflation.
Wow money printing is so hard and needs a extra level of intelligence. He’s the reason we’re in this mess
One of a kind. He's special.
Ben Bernanke tells the story how the government, the private central bank (The Federal Reserve in the US) along with political authorities, officials and business and academic leaders competed with each other to justify and implement their economic theories, opinions and ideas on how to run the nation’s economy and then how to fix and repair the nation’s economy when things did not work out as they planned. The story also includes their struggle in trying to predict the outcomes of their actions.
I think the economy should be focused on sustainably not on growth. After all, there are limits to growth on a planet with a finite size. With a sustainable economy, there will be periods of growth and periods of contractions. I think academia needs to come up with some new economic theories and models that do not consider the periods of contractions as a failure with bad consequences. In an economy based on sustainability, the periods of contraction should be just as prosperous, innovative and profitable as the periods of growth. If economists can figure out how to make this type of sustainable economy work, I am sure there will be a Noble prize given out for the achievement.
It’s not only governments and their appointed officials and economic experts along with their advisors that do not always have good reputations in managing a nation’s money, many businesses, corporations even entrepreneurs and financial institutions including investment firms and banks along with their CEO’s and board of directors do not always have good reputations for managing money. They have also been known to participate in nefarious and criminal activities and may not always act in responsible ways. To help encourage governments not to devalue their money by creating too much, I think having legislation in place to ensure that the purchasing power of money is not devalued over time will be beneficial to governments and businesses and to all of the nation’s citizens in that it will create more trust and confidence in the economy.
The challenge with governments is to have democratically elected ones with honest elected politicians and officials that are not corrupt or will not become corrupted and abuse the government’s power. Including, not abusing the government’s power to create the nation’s money. Societies and their citizens need to learn how to elect, operate and manage democratic governments much better! Easier said than done! Especially since the majority of a country’s citizens do not understand the ideas and philosophies of modern economies and do not understand the ideas and philosophies on how modern money is created and what it really is and how it is managed and controlled to consolidate power.
The challenge with business, corporations, financial institutions including banks and investment firms is to educate and encourage them how to become more responsible and less selfish and greedy which would result in much less government regulations and smaller governments. Also, much easier said than done! Especially if they see their competitors getting away with criminal activities.
More often than not, when competing to operate and run a business, the thinking has been that being selfish and greedy is a good thing and as long as you can get away with some questionable, nefarious or criminal activity to try and deceive and beat your competitors and gain wealth or status and you do not get caught or have found some loop holes around the regulations it’s all good because you are making money for a certain group of people, providing jobs and growing the economy. Even though other groups of people are exploited or hurt by your business activities, and you are causing damage to the environment, as long as you are growing the economy, providing jobs and making money for some people it is all good.
My message to Ben Bernanke along with all leaders and members of central banks and all government elected or appointed authorities and officials including all corporate and business CEO’s and leaders, entrepreneurs and experts in academia is to focus on promoting and educating people to be more honest and transparent in business and promote a more honest and fairer brand of capitalism. Keeping things simple and not introducing complex instruments and complex rules with fancy words and jargon in the financial markets will also go a long way in helping to keep people honest. The more honest and humane people become the more they can trust each other, and the less government regulations will be required, and the smaller government can be. This is also true for law enforcement and national defense. If nations can learn how to increase trust among each other, we may not have to dedicate huge amounts of money and resources to law enforcement and to manufacture weapons that can kill most of the life on this planet. The money and resources can be directed to more productive activates and to education on how to live in peace and fairness without destroying the environment.
They should have normalized quickly but they didn't because they didn't want a broad asset price correction. The result is they turned a solution into a problem, in other words the economy is now dependent on Fed stimulus.
Heli Ben.
Ben is one of the best to ever do it.
But people who don't understand why he did what he did will always find a hard time to buy this.
Best one to cause exorbitant consumer prices whilst his cronies get inflated asset prices, yeah great.
@@LiberatedMind1 it's how you choose to look at it I guess, there will always be a trade-off when doing something. Not acting would have made everything way too bad but I guess you'll always avoid this side of the story.
@@jasonnamainja7403 Its not how you choose to look at it. Printing money hurts the consumer in the end with higher prices, businesses too. Not acting would've allowed for a natural and quick recession, instead of prolonged inflation. You can only delay the inevitable for so long.
@@LiberatedMind1 I understand your point but then the economy needed to grow, it needed help and that's what he did. QE1. There was no point in staying hawkish when the numbers required otherwise.
@@jasonnamainja7403 QE is not genuine or sustainable growth. You boost the economy now but hurt it later, there is no long term gain.
Great data, 👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾🙏🏾🙏🏾🙏🏾🙏🏾🙏🏾👑💯., God Bless you, Shalom Brother!!
First time I understand what Ben is saying lol!
Funny how this gentleman still takes pride in his 'invention' of QE, when it was proven not to be effective in Japan, and following 14 years it seems that he still believes he's done a good job, shocking
I think the Fed should fund the federal government instead of the federal government having to tax working people. And the banks shouldn’t be able to create money on margin 10:1 for themselves to loan out. They should just be able to loan out 90% of what they have, and not 1000% of what they have.
During his tenure, the Pandora box is opened that doomed humanity. Fiscal irresponsibility and debt monetization lead the world to extreme inequality and superficial wealth that devastated every country without dollar printing press.
Speaking of the "Economy" as if it is a Citizen,
seems to ignore a lot of Human Citizens?
Creating a Credit Card Culture to make the US ability of sink into debt,
to be something that all Citizens now are involved similar debt.....
Bribing the Big Banks to ignore bad credit,
seemed to work ......for a while?
Bubble bubble bubble
The biggest stooge in Fed history...
BBC hnmm
Here's a suggestion for an Other Tool that the Fed could, you know, keep in Reserve! (LOL).
How about a LSAP for Student Loans? (Then, please, send them through the shredder! Double check! Make sure mine's in there.)
Then like, you know, later!, when you need to sell securities, then like, you know, make some up. Some kind of....uh....General Restraint Bonds that you can issue. You know?
Just a suggestion.
👨🎓👩🎓🧑🎓💸
P.S. Just an afterthought! You could issue P/E Reduction Securities! You know, stick it to those Fat Cats, like you know.
**Obligatory Lemon Demon comment**
He is a lunatic....
CINE - CINEWORLD - Holding for the long term! 🚀🚀🚀