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Some thanks for rescuing the economy
Published on Wednesday, Jul 01, 2009
Much of the concern focused on the Fed's role in bringing together Bank of America and the faltering Merrill Lynch at the start of the year. Republicans pounded the theme of a heavy-handed Bernanke, too eager to intervene in private markets, even threatening bank leadership. Democrats largely fixed on the lack of transparency, alarmed at the Fed making dramatic moves with scant accountability.
At the witness table, Bernanke appeared hesitant at times, seemingly uncertain whether to engage in a sustained argument or let lawmakers vent their frustration. He did insist that no such threats were issued and that the Fed acted with the ''highest integrity.''
No question, Bernanke erred in anticipating the debacle on Wall Street (along with many others). He argued for too long that the fundamentals of the economy were sound. When the crisis hit? Bernanke reacted forcefully. He mobilized the resources of the Federal Reserve to prevent an economic calamity, applying lessons learned from the Great Depression.
Consider the extraordinary steps initiated by Bernanke to blunt the credit meltdown. The Fed expanded its role in providing short-term liquidity to banks and other financial institutions. It moved to bolster directly borrowers and investors in key credit markets. The Fed took the further step of purchasing longer-term securities for its portfolio, including up to $1.25 trillion in mortgage-backed securities.
All of this ensured that the lifeblood of the economy continued to flow. Ben Bernanke deserves a pummeling? Not in the context of rescuing the economy.
Get the full article here.
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