Anna Schwartz explains:
"... Today's crisis isn't a replay of the problem in the 1930s, but our central bankers have responded by using the tools they should have used then. They are fighting the last war. The result, she argues, has been failure. "I don't see that they've achieved what they should have been trying to achieve. So my verdict on this present Fed leadership is that they have not really done their job."...
Comment: There are people who are smart and there are people who are dumb. Bernanke is one of those who are very smart and very dumb at the same time.