It is being overly polite to Federal Reserve Board chairman Ben Bernanke to report on his concerns about increasing financial literacy without noting his own contributions to the public's financial confusion. Even when the housing bubble was near its peak, Mr. Bernanke insisted that there was no bubble. If Mr. Bernanke and other prominent economists had warned the public of the bubble, instead of denying its existence, they could have prevented millions of families from losing their life savings by overpaying for a house.
It would have been reasonable to note this fact when discussing M.r Bernanke's call for improved financial education.
If you enjoyed this article, please consider making a tax-deductible donation today. For over 30 years, The American Prospect has delivered independent reporting that exposes corporate power, investigates political corruption, and analyzes threats to our democracy. Unlike many media outlets, we’re not owned by billionaires or corporations—we’re powered by readers like you.
Today’s independent journalism faces unprecedented challenges. Your support makes our reporting possible and keeps our work free and accessible to all. Whether it’s $5 or $50, every contribution helps sustain our nonprofit newsroom.
Join our community of supporters and make a donation today to help keep independent journalism thriving.
Copyright 2025 | The American Prospect, Inc. | All Rights Reserved
