http://www.google.com/url?sa=t
I think this is the famous speech from 2002 where he talks about a "helicopter drop" of money referring to the famous monetarist Milton Friedman's comments.
http://www.federalreserve.gov
Bernanke gave a speech in honor of Milton Friedman's 90th birthday here:
http://www.federalreserve.gov
"The best thing that central bankers can do for the world is to avoid such crises by providing the economy with, in Milton Friedman's words, a "stable monetary background"--for example as reflected in low and stable inflation.
Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again.
Best wishes for your next ninety years."
He says that yes the Fed caused the great depression by contracting the money supply and we won't do it again. Meaning that he'll do whatever he can to avoid an economic crisis by printing money.
Here's Jim Rogers saying he is still short the financials and will short more if it rallies.
Switching to your old home, what are your thoughts on the U.S. credit crunch?
We had the worst credit bubble ever in American history, perhaps world history. I can't remember anytime in history when people were able to buy a house with no money down -- sometimes with no income. You don't clean out a bubble like that in six months to a year. I've been short the U.S. investment banks by using the Amex Securities Broker/Dealer Index [ticker: XBD], an exchange traded fund with exposure to many of those firms. I've also been short Citigroup [C] and Fannie Mae [FNM]. I'll short some more if we get nice rallies in any of them. I am still short some of the U.S. homebuilders like Lennar [LEN].
Here is a chart of the upcoming variable apr mortgage resets.http://www.stocktradersdaily
