If you have ever wondered how Federal Reserve Chairman Ben Bernanke got his job, this video should help.

In July of 2005, when asked about rising home prices, the possibility of a housing bubble, and the potential for this to lead to a recession in the future,  then Chmn. of the Council of Economic Advisors, Ben Bernanke said:

It’s a pretty unlikely possibility. We’ve never had a decline in housing prices on a nationwide basis. So, what i think is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s going to drive the economy too far from it’s full [inaudible] path, though.

More highlights and predictions:

• 2005: “I’m confident that bank regulators will pay close attention to the kinds of loans that are being made, making sure that underwriting is being done right. I do think this is mainly a localized problem and not something that’s going to effect the national economy.”
• February 2007: “Our assessment is that there is not much indication at this point that sub-prime mortgage issues have spread to the broader mortgage market, which still seems to be healthy, and the lending side of that still seems to be healthy.”
• July 2007: “[Home] sales should ultimately be supported by growth in income and employment.”

This country should be glad we have a visionary like Mr. Bernanke running the Federal Reserve.

Hat tip to Rick Blaine for sending this video over.

Bernanke VideoRama:

In case you’re wondering if you can trust the opinions (and yes, they are obviously opinions and not facts) of the experts, we would direct your attention to a recent interview with Gerald Celente who says ‘If you follow political leaders, you’re going down with the ship’.