November 27th, 2010, 05:38 AM
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Favorite Futures: YM
Posts: 778 since Jun 2009
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Ben Bernanke was/is the chairman of the Federal Reserve, with part of
his job being to foresee huge economic downturns before they start
and take action. He failed at his job yet he still has his job. Unemployment
is and has been at 9.X percent for months.
There is plenty to criticize the Fed about...like failure.
The financial crisis of 2007 to the present was triggered by a liquidity shortfall in the United States banking system. It has resulted in the collapse of large financial institutions, the bailout of banks by national governments, and downturns in stock markets around the world. In many areas, the housing market has also suffered, resulting in numerous evictions, foreclosures and prolonged vacancies. It is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s. It contributed to the failure of key businesses, declines in consumer wealth estimated in the hundreds of billions of U.S. dollars, substantial financial commitments incurred by governments, and a significant decline in economic activity.
Financial crisis of 2007?2010 - Wikipedia, the free encyclopedia