Background to Assess Ben Bernanke's Warning On the Fiscal Standoff and The Budget

The Washington Post gave a careful account of Federal Reserve Board Chairman Ben Bernanke's testimony to Congress:

"Federal Reserve Chairman Ben Bernanke delivered a stark warning to lawmakers in a high-profile speech Tuesday, saying that the U.S. economy is at risk if they bungle negotiations over the looming austerity crisis.

"Bernanke’s remarks are notable less for their substance than for their tone and timing. In his most prominent public speech in almost three months, Bernanke made clea...