We're In a Depression, Not a Recession: Here's Why

If Bernanke were a hip hop artist, he'd be called 2Little2L8.
If Bernanke were a hip hop artist, he'd be called 2Little2L8.

There is a reason why he's Captain Carnage.  Even now, Bernanke can't admit a mistake:

He was armed with sharp rejoinders, too. Asked whether it was a mistake to let Lehman Brothers fail, he shot back: "Well, the word 'mistake' implies choice or an option."

Once a Bushite, always a Bushite.  Having been the architect of the economic policy that lead directly to the housing bubble, and been a member of the policy making apparatus at the Federal Reserve while a flood of accomodative money ballooned the world's economic system, Bernanke will go to his grave not admitting that he is the worst economic policy maker of the last generation.  Republicans and stupidity are like baseball sluggers and steroids.  They are all on it, they all deny it, and newspapers fawn all over them for it until it is obviously too late.

Lehman was a zombie company for months, and it was Bernanke and Paulson that bungled a strong dollar play that was the proximate cause of the credit implosion.  Credit where credit is due: we hired an expert on Depressions, and it worked - we got one:

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