Ben Bernanke testified before the Congressional Joint Economic Committee on October 4, 2011.
Points made in this video:
- The economic recovery is close to faltering
- The middle class is collapsing
- Class warfare – the rich control too much of the country’s wealth
- Banks may need to be broken up
(Don’t tell Congress that the Federal Reserve is the largest private bank)
- No more banking bailouts
- The European Union may face a bank run and how the Federal Reserve will act if this happens
The tone set during the hearing was somber as many Democrat Congressmen laid blame on banks and the rich for our economic collapse.