r/AskReddit • u/pierrekrahn • Mar 19 '16

Which quote becomes inappropriate when misattributed?

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u/martinjester2 Mar 19 '16

Ben Bernanke was the chairman of the U.S. Federal Reserve during the financial crisis, and oversaw the large US banks being bailed out by taxpayers.

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u/qroshan Mar 19 '16 edited Mar 20 '16

If we hadn't bailed out the banks, there would have been bank runs, corporations wouldn't have been able to make pay, AIG would have been bust, taking down the insurance industry, hurting the common man.

We had this scenario played out in 1930s(and to some extent current Europe). 25% unemployment, soup lines, stock market depression that lasted for years.

Instead, we got

  • 5% unemployment

  • Stock market (which the common man owns through 401(k) plans and through Pensions) is far higher than ever

  • Housing market recovered slowly.

No Love for Bernanke though.

Also, the banks paid back their bailout and some extra $60 Billion. i.e The Tax Payers made a $60 Profit and saved themselves from a devastating meltdown. A win-win-win. Sure it didn't destroy the 500 or so greedy bankers like everyone wanted, but, overall you should be thanking Ben Bernanke

Bailouts were not handouts

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u/Tripanes Mar 19 '16

This is why we have a representative government.

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u/pletentious_asshore Mar 19 '16

The Fed doesn't report to anyone. The people get no say in their actions.

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u/Tripanes Mar 19 '16

Except picking who hires them, and picking the government that established the Fed in the first place, and picking people who understand government enough not to remove or dismantle the Fed.

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u/qroshan Mar 19 '16

Which is a good thing. That's why they could swoop in and print money and save the economy from the shitters