Wednesday, November 09, 2011

Bernake Blames Lack of Financial Literacy for Crisis

In his comments during the Question & Answer period following his CNBC Press Conference on November 2nd, Federal Reserve Chairman Ben Bernanke said that as Americans struggled to improve their own balance sheets, they were bumping up against a problem that was hard for them to solve.

http://video.cnbc.com/gallery/?video=3000055143

He said that Americans were "trying to pay down debt. That's, of course, important. At the same time, you want to make smart decisions, you want to make good investments, you want to budget properly. So, financial literacy is a big part of this and lack of financial literacy was one of the things that got us in this mess in the first place."

Bernanke's comments about financial literacy fall about 9 minutes into the CNBC video.

This is exactly what folks like Jeff Wirsing at GreenBar America and Garth Graham at Financial Literacy Solutions (client) have been saying for a long time. Nothing the Fed will do can change this. But, just like in Star Wars, there is another hope.

Kudos to Joe Dahleen for bringing this video to our attention.

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