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|Former Federal Reserve Chair Ben Bernanke|
Having written previously on the Federal Reserve's creation of America's giant stock market and real estate bubbles during the late 1920's, the Cautious Optimism Correspondent for Economic Affairs and Other Egghead Stuff is partial to this French banker's criticism of former Fed Chair Ben Bernanke's now-Nobel Prize winning work:
"In Bernanke's Nobel Prize winning analysis of the Great Depression, what was wholly absent was any analysis of the role of the credit bubble in the late 1920s in causing the bust. No wonder then that he was negligent in allowing the credit bubble preceding the 2008 GFC."
-Albert Edwards, Societe Generale
ps. The loudest opposition to the Fed's 1927 policy of massive credit expansion came from Bank of France Governor Emile Moreau and Deputy Governor Charles Rist.
pps. For those interested in how the Federal Reserve inflated the massive credit bubbles of the late 1920's which led to the 1929 stock market crash and the Great Depression, go to...
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