<p>Does anyone in this administration actually know what they are doing??</p>
<p>Sunday November 23, 3:30 pm ET
By Jeannine Aversa, AP Economics Writer</p>
<p>Bernanke acknowledges mistake in gauging fallout from risky mortgages</p>
<p>WASHINGTON (AP) – Federal Reserve Chairman Ben Bernanke acknowledges he was wrong in believing that there would be limited fallout to financial markets from risky mortgages that soured after the housing market’s collapse.</p>
<p>“I and others were mistaken early on in saying that the subprime crisis would be contained,” Bernanke said in an article in the Dec. 1 issue of The New Yorker magazine.</p>
<p>“The causal relationship between the housing problem and the broad financial system was very complex and difficult to predict,” he said in the piece titled “Anatomy of a Meltdown.”</p>
<p>[Bernanke</a> says he erred in gauging mortgage fallout: Financial News - Yahoo! Finance](<a href=“Yahoo Finance - Stock Market Live, Quotes, Business & Finance News”>Yahoo Finance - Stock Market Live, Quotes, Business & Finance News)</p>