The economy is not close to a 1970s-style mix of stagnant growth and high inflation, Federal Reserve Chairman Ben S. Bernanke said yesterday, but he painted a generally dour outlook and cautioned that the downturn is likely to cause some small banks to go under. (Washington Post, Friday)
The illusion of control.
FEE Timely Classic
The Fed Sets Interest Rates? It Just Ain't So! by Richard H. Timberlake