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Well, that was scary. I have to admit, with Greenspan leaving, this is a bad time for new leadership. I hope Bernanke is up to it. Part of the problem is that being new, and from an academic background, he will start off lacking the credibility Greenspan had.
A large part of economics is behavioral, with a herd mentality affecting most of the participants. If things get difficult, the Fed chairman is supposed to be a calming influence.
More importantly, will Bush give Bernanke the same hearing he would Greenspan if things get hairy?
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I have always believed that hope is that stubborn thing inside us that insists, despite all the evidence to the contrary, that something better awaits us so long as we have the courage to keep reaching, to keep working, to keep fighting. -- Barack Hussein Obama
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