Place the blame for the last – and ongoing – recession solely on the shoulders of Fed Reserve chairman Ben Bernanke

Federal Reserve Chairman Ben Bernanke

Fed Chairman Ben Bernanke

The American people should place the blame for the last (and ongoing) recession solely on the shoulders of Federal Reserve chairman Ben Bernanke.

When Ben Bernanke took over as chairman pf the Federal Reserve he was very well aware that millions of Americans were into so-called sub-prime-rate mortgage loans. Ben Bernanke knew – and if he didn’t he must have been pretty stupid — that those millions of Americans would not be able to afford any rise in interest rates. Ben Bernanke also knew that another millions of Americans had bought homes with “adjustable rate” mortgages and that those people could also not afford any sudden or even gradual increases in interest rates. But mindless of the fate of the American home buyer, Ben Bernanke nevertheless caused a rapid increase in interest rates — and only after tens of millions of American homeowners had lost their properties to foreclosures did he decide to bring rates down again, a bit too late.

It is the collapse of the housing industry that triggered the last and ongoing recession — and the American people should place the blame completely on the shoulders of Ben Bernanke!

About Julius Willis

A former Philippines newspaper publisher and businessman, Julius resettled in California, USA, where he simultaneously worked as an instructional and technical writer and engineering department manager and taught college for 26 years. Now retired, he serves as a member of the Alameda County Housing & Community Development Advisory Committee. He also served as a member of the City of Hayward's General Plan Task Force and the city's Planning, Personnel, Citizens Advisory, and Community Services commissions.
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