America’s Second Great Depression 2010 Year-end Update (Part 1)

Saturday, December 18, 2010
By Paul Martin

By: Mike Stathis
Market Oracle
Dec 18, 2010

“Regarding the Great Depression. You’re right, we did it. We’re very sorry. But thanks to you, we won’t do it again.” [1]

That quote was taken from a speech made by then Board of Governors member Ben Bernanke in 2002 to the Federal Reserve. Unfortunately, Bernanke’s pledge has been broken.

As clueless as Bernanke has been, if you follow what he says closely, on occasion you will see his own admission that the U.S. is either in a depression or is certainly headed for one.

For instance, on Tuesday November 30, 2010, as Bernanke attempted to defend his recent decision to buy $600 billion of U.S. Treasuries, he made ridiculous claims that this quantitative easing would lead to more jobs. He then used the often used scare tactic to justify this move by saying that a long period of high unemployment could exact a steep social cost.

“There are obviously very severe economic and social consequences from this level of unemployment,” so getting new jobs, getting unemployment down is of an incredible importance.”

“The unemployment rate is still going to be high for a while, and that means that a lot of people are going to be under financial stress.”

Recently, Bernanke predicted unemployment will remain high for “four or five years.” [2]

The Rest…HERE

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