In testimony this morning to the House Financial Services Committee, Mr. Bernanke said a full review of consumer protection regulations was under way under existing regulatory authority. “The recent problems in subprime lending have underscored the need not only for better disclosure and new rules but also for more-uniform enforcement in the fragmented market structure […]
“It was a rookie mistake,” said Kenneth Thomas, a lecturer in finance at the University of Pennsylvania’s Wharton School in Philadelphia. The Fed “underestimated liquidity needs” of investors and the fallout from the housing recession, he said, adding, “This demonstrates the difference between book-smart and street-smart.” From Bloomberg News The meeting signals Congress is looking […]
Bush finally makes a good choice. Bernanke is qualified, not a crony and not a wing-nut. Hey, even a broken clock is right twice a day.