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Source link: http://archive.mises.org/10191/i-dont-recall/

I don’t recall

June 25, 2009 by

I am certain that everyone watching Bernanke’s testimony on Capitol Hill is as concerned for Chairman Bernanke’s health as I am. It seems that our reluctant savior has a very severe case of Alzheimer’s. Thus far the substance of Dr. Bernanke’s testimony can be summarized by his most frequent quote “I do not recollect.” No one really expects this Congressional hearing to have any substantive consequences for Chairman Bernanke. However, there is a danger that Dr. Bernanke’s detractors might use his terrible illness as an excuse for removing him from office.

Note:
Unsurprisingly, the consensus on CNBC seems to be that Bernanke did everything of which he is accused but its OK because it was for the greater good.

{ 13 comments }

Ron June 25, 2009 at 10:48 am

“…there is a danger that Dr. Bernanke’s detractors might use his terrible illness as an excuse for removing him from office.”

Yeah, that would be a damn shame.

Chris Peters June 25, 2009 at 10:55 am

Sigh…sometimes it helps to repeat Tu Ne Cede Malis.

Dennis June 25, 2009 at 11:59 am

Bernanke’s forgetfulness reminds me of a similar incident involving General Pershing. When questioned by Congress as to what occupied his time the day before Pearl Harbor was bombed, he could not recall. And this response is from a man who reputedly had an excellent memory.

Thinker June 25, 2009 at 12:10 pm

I would have hoped it was “Banker’s Privilege”-that annoying little “right” to deny any and all inquiries that the Fed doesn’t want to answer.

By the way, Dennis, I’m not familiar with that bit about Pershing. Why was he being questioned about Pearl Harbor (or anything else, for that matter) at that time? He was known to be senile (having asked de Gaul how Petain was doing) and had retired many years previously, so why would Congress want to question him at all? A bit puzzling.

Dick Fox June 25, 2009 at 12:24 pm

Bernanke had nothing to do with strong-arming BofA into buying Merrill after they found our it was trash just like the bodyguards of Al Capone had nothing to do with his criminal activities. I would like to here Geithner’s answer to these same questions. One of them was making threats while the other was shaking his head in agreement.

(8?» June 25, 2009 at 1:18 pm

Probably not so much Alzheimer’s, but the depressive effects of cognitive dissonance, where the brain walls off any recollection of events in order to protect the mind from the mental distress induced by the exercise of his incoherent ideology.

Can you blame him? I would forget everything I did to destroy the world yesterday as fast as possible too! Plausible deniability, FTW!!! You’d be amazed at what one can forget if there is a direct benefit involved.

Not, of course, that I believe he forgot everything, unless that is, he was on Dammital, or some similar pharma, then all bets are off.

Keynesianism, is there any mind it cannot destroy?

Dennis June 25, 2009 at 2:40 pm

Thinker,

Thanks for pointing out my mistake. I meant George Marshall, whom I believe was Army Chief of Staff at the time in question.

Ohhh Henry June 25, 2009 at 3:31 pm

Probably not so much Alzheimer’s, but the depressive effects of cognitive dissonance, where the brain walls off any recollection of events in order to protect the mind from the mental distress induced by the exercise of his incoherent ideology.

There is something in this. I think he has a fair bit of intelligence, and even something of a conscience. That strange, uncomfortable look on his face when he’s trying to defend his theories betrays his inner turmoil.

Ron Paul’s face on the other hand is more like a placid, deep pond.

MB221 June 25, 2009 at 4:02 pm

Bernanke’s answers are total BS and his facial expressions make my stomach turn. It really made me sick watching him spout lies under oath and try (fail) to keep a straight face about it.

I am, however, beginning to feel much more confident in these men and women in Congress. They are asking the right questions and seem very skeptical (for good reason) about the fairy tales coming from the Federal Reserve.

The end of the Fed is near… God bless.

econjack June 25, 2009 at 5:15 pm

Aye! The Grea-urh goode! So tired of the presumption! When will it be an intelligent person’s turn to decide “the greater good?”

David Bratton June 25, 2009 at 5:22 pm

“The end of the Fed is near… God bless.”

I don’t think so. I think a new layer of government to monitor and supervise a previous layer is near.

Bruce Koerber June 25, 2009 at 5:39 pm

Money and Ethics
Thursday, June 25, 2009

Is Bernanke An Extortionist, A Counterfeiter, And A Snitch?

When an extortionist is pushed to the wall what does he do, how does he respond?

When a counterfeit ring is close to losing its secrecy does anyone expect a key player to confess wrongdoing?

When the person who claims to be an expert is on the verge of being exposed as a charlatan does he wish he could hide under a rock?

When a narcissist is confronted with the utmost disgrace will he take notice that others (Paulson, for example) have tried to shift the blame to others, and so out of self love will contemplate revealing the names of the members of inner circle of the unConstitutional coup? (Will your suicide note be a remarkable forgery or will it be blotched and still quickly covered up?)

This is your last chance – Ben Bernanke – to do something honorable. Expose the unConstitutional coup and then run and hide!

Walt D. June 25, 2009 at 7:23 pm

Ben Bernanke says that there are signs of a recovery. Warren Buffett says that the economy is in a shambles and the worst is yet to come.
I wonder who the smart money is betting on?

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