a blunt insight into the minds of U.S. Federal Reserve Chairman Ben Bernanke is a beginning of February, published in 2011, previously confidential minutes of the American Committee of Inquiry into a hearing in November 2009 (translation B4RP):
Committee Member Thompson :
" Not a disaster of this magnitude occurs without early warning signs that something goes wrong. What are the warning signs were in this disaster? Had we acted then, we could have averted the disaster "
Ben Bernanke :
? Hm, I do not know, I have to think about it. I think there are people ... there were people, even with the Fed, but also elsewhere, who said a year before the crisis, that risk was not priced into appropriate that credit spreads were very narrow, that the markets seemed exuberant that liquidity in a sense, was overflowing. "( B4RP Note: today there are again "people", warning right out front. But we welcome the end of 2009 (!) Decision taken by Bernanke to want to think about early warning signs ). There were people - you know, I will perhaps say: there were people - not necessarily always the same, the different parts of the problem have been identified. You know, there were people who were worried about derivatives, and there were people that have bad mortgages were concerned (subprime mortgages), there were people to whom the general credit environment concerns prepared and there were people who cared about off-balance sheet vehicles. But I think that contrary to the assertions of one or two people who live a certain extent from the fact that they - I quote - "would have predicted the crisis," the interaction of these problems have been brewing the "perfect storm," so complicated and huge, was that I, at least for me it certainly was not clear. Whatever that now brings - and it could simply be due to my inadequacy - but I was aware of no one who had expressed some sort of comprehensive warning. "
The protocol:
Business Week and Wirtschaftsfacts.de the same subject:
Update: http://market
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