“Bernanke Tells It Like It Is”




Three days after that speech, 33 of 39 Republican senators ignored Bernanke’s warning and voted against releasing the remaining $350 billion in Troubled Asset Relief Program money. (So did eight Democrats…) Fortunately, that left enough supporters, mostly Democrats, to clear the release of the much-needed money.

Too many senators shrugged their shoulders at Bernanke’s wise words. OK, perhaps they didn’t like the way Treasury Secretary Henry Paulson had jerked them around… Or maybe they didn’t like something else about the program.


They aren’t going to be any happier… In all probability, $700 billion won’t be enough. … At some point, politicians are going to have to stop pandering to their constituents and show leadership by explaining why the economy can’t survive without a banking system.

