“There have been a series of recent articles–one just last week–concerning the Federal Reserve’s emergency lending activities during the financial crisis. These articles have largely repeated the same information in different formats, and have contained a variety of egregious errors and mistakes.”
Bernanke, who said the media is wrong by calling the Fed’s lending activities “secretive,” also corrected Bloomberg Market’s math.
“Second, one article asserted that the Federal Reserve lent or guaranteed $7.7 trillion during the financial crisis. Others have estimated the amounts to be $16 trillion or even $24 trillion. All of these numbers are wildly inaccurate…”
Full article
Never underestimate the clam’s pimp hand.
I always thought the 7.7 and 16 trillion numbers were just random shouts from people living in fantasy land. Like when Cramer decided Europe needed 10 trillion. Hadn’t heard the 24 figure.