Bernanke May Not Remember the Fed Brought the Economy to the Brink of Collapse, but Reporters Should

[girl gone mad]

Bernanke May Not Remember That the Fed Brought the Economy to the Brink of Collapse, but Reporters Should
http://www.prospect.org/csnc/blogs/beat_the_press_archive?month=11&year=2009&base_name=bernanke_may_not_remember_that">Beat the Press

Yes, it was way back in the fall of 2008, but we do know that the economy was on the brink of economic collapse. We know that the Fed brought the economy to the brink of collapse because that it is what Federal Reserve Board Chairman Ben Bernanke told Congress when he was trying to get to approve the $700 billion TARP program.

Mr. Bernanke's memory may not extend back to last year, but the memory of the reporters who cover the Fed should. This means that when Bernanke warns that taking away regulatory powers from the Fed could lead to stability, reporters should provide this crucial piece of background as ridicule. Mr. Bernanke's concern over the Fed's role in maintaining financial stability is a bit like Hormel expressing concern over the treatment of cattle.

--Dean Baker

[chill_wind]

1. They may have memories

but we're learning just how much one of them had more cajones that all the rest.
Let's hope they tighten up the ranks and begin honoring that tradition more than ever.

K & R.

[glitch]

2. I am afraid the frontal lobotomies required for corporate media employment prevents that. nt