http://www.calculatedriskblog.com/2010/01/what-bernanke-didnt-say.html But it seems Bernanke left out a couple key points. # Bernanke used data from other countries to suggest monetary policy was not a huge contributor to the bubble ... however, Bernanke didn't discuss if non-traditional mortgage products contributed to housing bubbles in other countries. This would seem like a key missing part of the speech. # Bernanke didn't discuss how the current regulatory structure missed this "protracted deterioration in mortgage underwriting standards" (even though many people were pointing it out in real time). And Bernanke didn't discuss specifically how the new regulatory structure would catch this deterioration in standards. How about some specific example of how the previous regulatory structure missed underwriting problems, and how the new structure would have caught the problem?
ehhh, he was just talking to a bunch of his beancounting peers. Hopefully there'll be a flood of white papers to justify their existence.
What exactly do you expect Bernanke to say/do? If he had done the truly rational thing and said to Congress "I'm shutting down the printing press until you get your fiscal house in order", Ron Paul and Shelby would have been the first jackals gnawing on his bones for "interfering".
Bernanke has no control over banking laws and regulations promulgated by the morons in Congress and the Executive branch. You can't stop the ilk of Obama, Pelosi, Reid, Frank, et al, from giving away the country to the poor.
http://dealbook.blogs.nytimes.com/2010/01/04/bernanke-blames-weak-regulation-for-financial-crisis/ if this guy can't see the credit bubble that built up over decades as the casue of the crisis, what the sam hell can he see?
http://watch.bnn.ca/squeezeplay/january-2010/squeezeplay-january-4-2009/#clip251902 This blogger explains quite a lot!