Bernanke echoes old solutions to a new problem; new changes needed


Federal Reserve Chairman Ben Bernanke went back to the scene of the crime to declare the bank stress tests a success. The crime in question took place almost 99 years ago. It was on Jekyll Island, GA that a small group of bankers met to conceive a way to stabilize the currency in the wake of the Panic of 1907, resulting in the creation of the Federal Reserve System.

Why is the Fed a crime? Because it creates the illusion that our economic system is stable when its excessive reliance on borrowing makes it anything but.