EDITOR’S COMMENT: Now, he tells us! Actually, while in office, Bernanke didn’t discourage anyone nor make any effort to hold government employees, bankers & brokers responsible for all the risky lending and government-induced housing financing, both of which helped create the so-called housing bubble. He was clearly not a bystander in this debacle and crisis. And, finally, let me remind you that the Federal reserve only watches out for its various large-bank owners.
Former Federal Reserve Chairman Ben Bernanke says some Wall Street executives should have gone to jail for their roles in the financial crisis that gripped the country in 2008 and triggered the Great Recession.
Billions of dollars in fines have been levied against major banks and brokerage firms in the wake of the economic meltdown that was in large part triggered by reckless lending and shady securities dealings that blew up a housing bubble.
But in an interview with USA Today published Sunday, Bernanke said he thinks that in addition to the corporations, individuals should have been held more accountable.
“It would have been my preference to have more investigations of individual actions because obviously everything that went wrong or was illegal was done by some individual, not by an abstract firm,” Bernanke said.
Asked if someone should have gone to jail, the former Fed chairman replied, “Yeah, I think so.” He did not, however, name any individual he thought should have been prosecuted.
“The Department of Justice and others are responsible for that, and a lot of their efforts have been to indict or threaten to indict financial firms,” Bernanke added. “Now a financial firm is of course a legal fiction; it’s not a person. You can’t put a financial firm in jail.”
… “I certainly was not eager to bail out Wall Street and I had no reason to want to bailout Wall Street itself,” he told USA Today. “But we did it because we knew that if the financial system collapsed, the economy would immediately follow.” (my emphasis)
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