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Claiming responsibility for rescuing the economy at the start of the Great Recession, he made no mention whatsoever of the Fed’s role in enabling the creation of the housing bubble in the first place, nor his failure to see it coming before it imploded. Instead, he said, “The early phase of the recovery, in the second half of 2009 and in early 2010, was largely attributable to the stabilization of the financial system [by the Fed], the effects of expansionary monetary and fiscal policies, and a strong boost to production from businesses rebuilding their depleted inventories.” Despite a decline in the economy in the latter part of 2010, Bernanke now claims he can see “increased evidence that a self-sustaining recovery … may be taking hold.”” Read more.
“Bernanke Issues Warnings, Accepts No Blame”
New American, February 4, 2011.
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