The Fed's Excuse Makers Still in High Gear

Remember when then Federal Reserve Board Chair Ben Bernanke assured the public that the problems in the financial system will be restricted to the subprime market? This one ranks, along with some comments from and about Alan Greenspan, as one of the worst economic predictions of all time. In other words, the folks at the Fed really missed it.

This is worth remembering because it seems that the Fed is trying to get the excuse making going in advance for the next economic crisis. The NYT report...