As I write this, and read the links provided below, the Joint Economic Committee is questioning Ben Bernanke. He finally alludes to the “possibility” of a recession, generally defends the Fed’s recent actions, but mostly looks like a deer in the headlights. I feel sorry for him, as the mess he inherited was not his doing.
Here is some interesting reading regarding the current economic situation, particularly the Federal Reserve’s recent interventions and the Bear Stearns “bailout” (in quotes depending on one’s viewpoint). The first two are from bloggers I follow, usually light handed views on the markets, and then views from the always erudite bond king, Bill Gross, and, then, finally, the weekly commentary from John Hussman, an economist who practices what he preaches managing a mutual fund by the same name…