Isn't it amazing that Harvard-educated smart guys like Ben Bernanke didn't see the Housing Ponzi Scheme and Fraud Fiesta for what it truly was?

Here's Bernanke's testimony in October of 2005 - at the very height of the speculative and criminal madness of the Late Great Housing Bubble:

"House prices have risen by nearly 25 percent over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals, including robust growth in jobs and incomes, low mortgage rates, steady rates of household formation, and factors that limit the expansion of housing supply in some areas.

House prices are unlikely to continue rising at current rates. However, as reflected in many private-sector forecasts such as the Blue Chip forecast mentioned earlier, a moderate cooling in the housing market, should one occur, would not be inconsistent with the economy continuing to grow at or near its potential next year."

And yet here's what Bernanke should have known, and simply said:

"The US and world housing markets are caught up in a speculative and fraud-filled madness, one that will come crashing down in a historic way, with many markets falling 30%, 40%, 50% and more. Housing's historic fundamentals led by the price-to-income and price-to-rent ratios have become significantly and obviously distorted by massive criminal mortgage fraud and rampant speculation. This will all end soon, and in tears."

Maybe they should put "Manias, Panics and Crashes" on the required reading list at Harvard and MIT. Pumping out ivory tower real-world-ignorant graduates like Bernanke (and Greenspan) is just such a shame.

Ben Bernanke, proving he's the worst Fed chairman ever, thinks Fannie and Freddie should be able to take on jumbo's up to $1 million.

We are so fu*ked it's amazing.

No, seriously, we are so fu*ked it's amazing.

At the very time we needed someone running the Fed who wasn't an idiot, who wasn't corrupt, who wasn't an enemy of America, and who could protect the American worker, saver and taxpayer, we end up with Ben Bernanke. Easily the worst Fed chairman in history. Yes, worse than Greenspan.

In the latest wet kiss to his banker and hedge fund buddies, Bernanke wants the taxpayer to 'guarantee' loans up to $1 million, to be purchased by soon-to-fail Fannie and Freddie. Yeah, that makes sense.

Ben Bernanke will do more damage to America during his short tenure than any human ever has to our country. Ben Bernanke is a traitor, pure and simple. Ben Bernanke is destroying America. And we let him do it.

Bernanke proposes new mortgage guarantees

As Congress and the financial services industry struggle to cope with rising mortgage defaults and a deepening housing slump, Federal Reserve Chairman Ben Bernanke Wednesday proposed that the federal government guarantee so-called “jumbo” home loans worth up to $1 million.

Bernanke proposed that so-called “government sponsored entities” like Freddie Mac and Fannie Mae pay mortgage insurance fees to the federal government. These GSEs would then guarantee loans that are larger than the current $417,000 limit on so-called “conforming” mortgages.

“From the federal government's point of view, (the GSEs) would be taking on some credit risk, which you may or may not be willing to do,” Bernanke told members of the Joint Economic Committee in a question-and-answer session.