Economics
Bernanke Admits Fed Made Mistakes Combating Crisis 10 Years Ago
- Former Fed chief says no one saw how damaging crisis would be
- Ex-vice chairman Kohn also acknowledges central bank errors
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Former Federal Reserve Chairman Ben Bernanke acknowledged that policy makers made two critical errors fighting the financial crisis a decade ago: They failed to see it coming with such force then underestimated how much economic damage it would cause later.
“Nobody saw how widespread and devastating the crisis itself would be,” he said in a short video discussing the results of a 90-page paper on the subject released on Thursday.