"The problem is, it takes new money to bail out bad collateral. That means a lot of new money unless banks start lending to high-risk markets. But our new, improved regulatory policies have clamped down on this.
This means the end of my program to reduce the rate of inflation in the country. I have talked of little else from the day I took over in February 1, 2006. So did my predecessor. So did his predecessor, and so on, all the way back to 1938.
So, basically, I have given up. We can bail out the mortgage market or we can pursue monetary stability. We cannot do both at the same time."
Bernanke's Speech on September 18 [LewRockwell.com]
Posted by David Merkel, Sep 12, 2007 11:35AM
Gary North on DealBreaker. Now I've seen it all.
North's most famous comment on investing was (something to the effect of), "There are advisors that can get you in at the bottom, and advisors that can get you out at the top, but they are never the same people."
North is excellent on history, moderately good on theology, but be careful following any investment advice that he gives (true of most people).