Ben Bernanke said on Friday  that he won't drop helicopters of money from the sky (again) in the form of QE2 (quantitative easing, 2.0)  just yet.  And although I do believe Uncle Ben when he says he'll print money or add digits to reserve accounts at will (the Fed balance sheet expolded by about $2 trillion in MBS over the last two years), he's perpetually wrong about the economy.  Here are some of NostraDumbAssespredictions :

March 28, 2007: “The impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained.”

May 17, 2007: “We do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.”

Feb. 28, 2008, on the potential for bank failures: “Among the largest banks, the capital ratios remain good and I don’t expect any serious problems of that sort among the large, internationally active banks that make up a very substantial part of our banking system.”

June 9, 2008: “The risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.”

July 16, 2008: Fannie Mae and Freddie Mac are “adequately capitalized” and “in no danger of failing.”

And here's a video everyone needs to watch every time Ben opens his lie-hole: