All Commentary
Friday, September 3, 2010

Fed Chief Missed Last Crisis, Welcomes New Powers


“Ben S. Bernanke, who told Congress in 2007 that the subprime mortgage crisis was ‘likely to be contained,’ said Thursday that he had failed to recognize flaws in the financial system that amplified the housing downturn and led to an economic disaster…. Mr. Bernanke, the chairman of the Federal Reserve, signaled that the central bank was eager to embrace its expanded powers under the Dodd-Frank financial regulatory law that President Obama signed in July.” (New York Times)

Don’t worry, he’ll spot the next one in time.

FEE Timely Classic
“Financial Crises and the Federal Reserve’s Punch Bowl” by Chidem Kurdas