naked capitalism

Anonymous says:

The link in the MarketWatch story says it's "identical to his testimony before a House panel on Wednesday."

And that testimony does seem to be there:
http://www.federalreserve.gov/newsevents/testimony/bernanke20070718a.htm

Maybe they blew the other copy away because it was a duplicate?

Anonymous says:

Banking Committee – July 19, 2007

Another Banking Comm Link

Both links have Bernanke's prepared statement only. It appears a video was removed from the first link, and neither link includes his testimony after his prepared statement.

Anonymous says:

Chairman Ben S. Bernanke
Semiannual Monetary Policy Report to the Congress
Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate
July 15, 2008

Chairman Bernanke presented identical testimony before the Committee on Financial Services, U.S. House of Representatives, on July 16, 2008

Anonymous says:

Here is the one from 2007:

Chairman Ben S. Bernanke
Semiannual Monetary Policy Report to the Congress
Before the Committee on Financial Services, U.S. House of Representatives
July 18, 2007

Chairman Bernanke presented identical testimony before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, on July 19, 2007

Anonymous says:

Wayback machine is really good.

Here are prepared speeches, but not open testimony:

Testimony of Federal Reserve Officials

Anonymous says:

Don't worry Winston Smith is at the process of correcting it. When it reappear it will be a much better prediction

OSR says:

Although I believe that the internet will prove to be to historical revisionists what fire is to pyromaniacs, I don't think anything sinister is going on here. It's standard practice by the House/Senate to only provide a pdf of the opening statement and not the subsequent Q&A session. As noted previously, the FRB simply combined the the Senate and House opening statements into a single entry: http://www.federalreserve.gov/newsevents/testimony/bernanke20070718a.htm.

Your query terms likely occurred in the Q&A portion of Bernanke's testimony, so there was no match. C-Span archives might give a transcript of the entire hearing, but it isn't searchable unless you buy the video.

However, if an opening statement is revised, C-Span will "play ball" and edit the tape accordingly. For example, Harry Markopolos made a glaring mistake, in both his oral and written testimony, that suggested that he was not a derivative expert. A day later, the pdf was revised and C-Span simply cut that portion of the tape out. See for yourself:
Version 1 (pg 6)
Version 2 (pg 6)

Anon1 says:

I am sick and tired of the use of the words, "innovation" and "product" when referencing mere paper shuffling ripoffs on Wall Street.

Wall Street produces NO products, innovative or otherwise. They produce stocks and other forms of shady "investment" but "products" are nowhere to be seen. FACTORIES make products. Skilled labor makes products. An "innovation" is a new tech manufactured item like a new form of battery or a new arrangement of older tech into a better, more efficient object.

Ultimately, innovative products improve society, produce real items, and creates job opportunities. Nothing of the sort comes from Wall Street.

Can we please quit referring to anything that Wall Street criminals do as "innovation" or "products"? THEY SHUFFLE PAPER and that is all they do. They produce NOTHING.

micro says:

Hi Yves,
if you look at the congessional record on committee hearings its in the second FED report to congress testimony– that has the Q&A parts as well as the prepared testimony

Q&A:
Chairman Bernanke. Senator, let me address the financial
side. We have talked about this effect on homeowners. On the
financial side, I am not sure there is anything essentially
wrong with structured credit products, per se. But what we have
learned since early this year is that a lot of the subprime
mortgage paper is not as good as was thought originally. And
there clearly are going to be significant financial losses
associated with defaults and delinquencies on these mortgages.
As a result, the credit quality of many of the structured
projects that include in them substantial amounts of subprime
mortgage paper is being downgraded. The one issue is that the
structured credit products are quite complex. They include many
different kinds of assets. Then the risks are divided up in
different so-called “tranches.'' So it takes quite a complex
model or analysis to determine what the real value of these
things is.
Senator Shelby. But the value seems to be going down
instead of up.
Chairman Bernanke. Well, it is going down because the
credit losses associated with subprime have come to light and
they are fairly significant. Some estimates are on the order of
between $50 billion and $100 billion of losses associated with
subprime credit products.

—-
look in
http://www.gpoaccess.gov/chearings/110scat1.html
at the line
FEDERAL RESERVE'S SECOND MONETARY POLICY REPORT FOR 2007 – TEXT | PDF

also int the Q&A is the bump line:

… Senator Reed. Should someone have the broader authority to
do that? I mean if we assume, as I think you perhaps might,
that the market will not evaluate these assets accurately
because they are so thinly traded, difficult to understand, it
falls upon a rating agency. And if the rating agency, if there
is no supervision, is there a gap?
Chairman Bernanke. No, I think the market will find
solutions. They already are finding some. For example, even if
the individual instruments are not particularly liquid, there
are indices that are based on the payments from CDOs or CLOs
which are traded and therefore give some sense of the market
valuation of these underlying assets.
So this is a market innovation. Sometimes there are bumps
associated with a market innovation. I think we just have to
sit and see how it works out. There are very strong incentives
in the market to change the structure of these instruments as
needed to make them attractive to investors.
….
micromeme

jm says:

The internet archive (aka The Wayback Machine) at http://www.archive.org often has copies of material that has disappeared from websites.