The crisis came out smokin', but Bernanke ain't jokin'
It just might shock ya and amaze ya???
Well (with apologies to M. Ali) I don't know about the last bit, but Ben certainly has been doing everything he can (and more?) to take on the financial crisis. The Fed has pumped hundreds of billions of dollars into the market, started directly lending to firms, and now, in coordination with the Bank of England and the ECB, has cut the Fed Funds rate from 2% to 1.5%. There's not much more he can do beyond selling apples outside the Fed building, is there?
Meanwhile Paulson has named an ex-Goldman Sachs guy to run the mighty official bailout.
With the bailout plan seemingly DOA (it's passage seemed, if anything, to trigger the market selloff), Ben is pretty much the guy for fixing things around here.
One other thing, when did Bush resign as President? Did I miss that somehow?