Official portrait of Federal Reserve Chairman ...

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A question for Ben Bernanke at today’s press conference:

• In 2005 at your confirmation hearings, you said there was no housing bubble.

• In 2007, you said the subprime fallout was likely to be contained.

• In 2008, you said you didn’t expect a recession.

• In 2009, you said the Fed would not monetize US government debt.

• In 2010, you said inflation was too low.

Question: Are we supposed to laugh or cry?