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Bernanke: Dog Ate Homework

Posted on June 05, 2008

In his recent Remarks on the economic outlook in Barcelona, Chairman Bernanke included a chapter on The Sources of the Financial Turmoil: A Longer-Term Perspective . According to Bernanke, the longer-term developments which brought us to the current situation are a housing boom, a credit boom and an increase in the net supply of savings in emerging market economies. Weaknesses in risk measurement and lax lending standards are further culprits. Amazingly, the Chairman manages to write 1,200 words without ever using the term monetary , let alone monetary policy . Maybe I am old-f...

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bernanke , fed , the fed