need to add title here

The Chairman Part 1

June 7, 2009 4:17 PM

In a rare interview with a sitting Federal Reserve chairman, Ben Bernanke tells Scott Pelley what went wrong with America's financial system and how it caused the current economic crisis.

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by megawavez September 9, 2009 12:46 PM EDT
eeccckksss... disaster...
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by TriciaLMurphy June 13, 2009 11:41 AM EDT
Several years ago (2000?) Ben Bernanke and a bus full of Federal Employees were given a tour of Gettysburg, PA, by Tricia L. Murphy, a Gettysburg Licensed Battlefield Guide. During the two-hour tour she mentioned that her recent historical research suggested there would be a massive global depression between the years 2005 and 2008. In less than 60 Seconds the battlefield guide briefly illustrated historical aspects of the economy and what may happen in the near future if the trends continued.

Ben Bernanke disagreed with her theory and dismissed the idea. Tricia L. Murphy posed this question to Bernanke and the Federal Employees regarding the possibility of a future severe recession ? ?What if I am right? What steps can The Federal Government take NOW to prevent an economic melt down of the US and Global Economy? The hero will be the person who can come up with a strong well thought out economic plan to head off a global recession.?

Ben Bernanke and Tricia L. Murphy concluded the tour with a friendly wager - lunch in 8 years ? for the person who was correct.

Mr. Ben Bernanke, at your convenience, you may buy me that lunch?

Tricia L. Murphy,
Unemployed former
Gettysburg Licensed Battlefield Guide
Tricia.L.Murphy@live.com

PS ? The reports of my death have been greatly exaggerated.
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by Savant101 June 11, 2009 10:38 PM EDT
It is elementary that contributory factors leading to the Great Depression were due to the failure of the Hoover Administration to take effective action to avert the financial collapse after the Crash of 1929. If we are to learn anything from history, we shouldn't repeat those same measures that will bear obvious results. There are good reasons for providing liquidity in a deflated economy even if we don't approve of how it's being directed, whether in the form of bailouts or stimulus. In any event, it ripples through our economy in the multiplier effect. This is better than doing nothing and expecting new demand to stem from lost or idle capacity, when there's no money around to lend and invest and no confidence within the financial institutions to even lend to one another, much less a depressed public. By no means is this a whitewash, or an excuse for justifying bogus derivatives throughout this decade. Yet, can we really expect action to come from inert inaction? How long are the people expected to wait while they have to eat? -Steve Hershman
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by cool1207 June 10, 2009 10:11 PM EDT
I don't think He knows what he is talking about and he is the chairman of Fed and he looks like a bad parents to me.
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by dtucker10 June 9, 2009 8:34 PM EDT
I'll give you an analogy, I buy a house and borrow 125% of it's value. Then I get into 3 seperate Card games and bet the Title on my hands in all 3 games. Hmmm, I don't really own it, but I go ahead.... the up side is winning 300%. However, I lose all 3 hands and now I have to pay 300% and I don't have the title. Would I still have my knee caps? Why, yes ... I would go to Paulson, Geitner and Bernake and they would want to punish me so they give me the money and take it from the tax payers and land owners of the United States without them even knowing it, Uncle Ben just conterfitted a Trillion and gave it to me to pay my debtors. I'm who loses, No one cause Ben doesn't see that diluting the value of money is taking it from those who ownes the original bills. Pure Theft.
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by cultivating June 9, 2009 2:41 PM EDT
Thank-you to all participating for presenting this interview, i feel it was revealing & healing & i have passed it on.Understanding soothes the soul & emotions and that's good food. I do feel Bernanke is being honest and is a good & caring man & i am glad he is serving America.Hope all Americans can push there reset button and truly hold good thoughts & appreciation for people who are trying to reset us on a true strong nurturing foundation in a very changing world.I for one am thankful.
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by FEDCROOKS June 8, 2009 12:24 PM EDT
OMG! The FED set up the demise, why don't you get that 60 minutes. They are a private corporation within this country. Regulators, there are no regulators operating in any agencies! Foreclosures all a fraud to steal, they never put limits on the bogus lending, all Greenspan. They are a major organzied crime operative who created this demise to harm Americans, they need to be ousted. They are creating their New World Order! Get on the ball 60 minutes! Ask why Goldman Sachs survived, they are so in bed with each other and took out the competition. Deriatives originally created by Goldman, all bogus investments. The whole credit system is a failure of bogus dollars and monetization, a house of cards. We need a new monetary system and the Fed needs to be ousted. The U.S. is a foreign government sold out to treasonous parties and agencies not acting under the Constitution. The court system is a charade of organized crime, violating and depriving Americans of their rights to rob and oppress them. Big money laundering schemes and corruption at the expense to American businesses and the people! Impoverishing Americans one of the Feds main agenda.
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by grewaconscience June 8, 2009 11:35 AM EDT
Aside from AIG, who benefited from their bail-out so far?
The fact is that besides the FED who would even consider using taxpayer's money to sustain the gambling addiction of AIG? It makes me wonder if they would, perhaps, finance my next trip to Vegas, guaranteeing my losses and leaving me the winnings, based on my good collateral, which they also cannot touch. That's what Bernanke is doing with AIG.
This is left-over policies and people from the Bush administration: they need to go away!
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by Psychogenius June 8, 2009 7:27 AM EDT
CBS wouldn't be showing the FED in such a good light because it's owned and controlled by the same dynastic banking families or anything...would it? Nah!!!! I'm just psycho like my name implies..........SSSSSUUUURRRREEEE I AM!!!!!!!!!!!!!
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by Psychogenius June 8, 2009 7:12 AM EDT
OMG!!! What a propaganda piece!!! The FED is the most powerful criminal enterprise of all time!!! The banksters made trillions from their phony triple A rated derivatives and when their ponzi scheme inevitably collapsed they threatened us with depression and martial law unless we bail them out for trillions more. More bailouts are on the way, the looting will continue!!!!
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