Bernanke passes early media test, challenge to come ... Ben Bernanke used his second-ever news conference on Wednesday to teach the world's financial markets a lot more about the thinking at the Federal Reserve than they could glean from its usual statements. But the Fed chairman and former Princeton professor has yet to face one of the most important oral exams of his career: justifying and defending a change in the Fed's extraordinary monetary policy, when the time comes. – Reuters
Dominant Social Theme: Thank goodness the Federal Reserve is bouncing back with honesty, transparency and sincerity.
Free-Market Analysis: More than two years ago, we pointed out that the Federal Reserve was potentially finished as a credible entity. This is different than saying the Fed was finished as an EFFECTIVE entity. The Fed has accomplished much of what the power elite intended for it to do. It has, in stages, bankrupted the US middle class – as well as federal, state and local governments.