Bernanke referred to the global nature of financial markets and the current crisis at various points. He urged coordination with bank regulators abroad but stopped short of endorsing an international financial regulatory regime - an idea that has been pushed by some European leaders. The issue is likely to come up when the G-20 meets in a few weeks in London. April 2, 2009 to be exact.
Ethics and morality must be taken into consideration.
"The issue is how do we get from Point A to Point B and what role should the FED play," said Steven Davidoff, a new professor and an expert on securities regulation.
"The world has changed," Davidoff said, "Greenspan was not a pro-regulatory force, and now we have someone advocating regulation across the board." That is good for change and reform,indeed.
Bernanke was asked wheh he expected the economy would recover.
"My forecasting record is about the same as the win-loss record of the Washington Nationals," he said. Prof. Galbraith: There are those who don't know and those who don't know they don't know" A witty quip.
"We will eventually recover. There is no question. The economy has too many underlying strengths. It is too dynamic an economy." That is not untrue in my mind as well.
Francis Shieh a.k.a. Xie Shihao on Wednesday,March 11, 2009 at 10.38 a.m.