Bernanke presses the panic button

Salon
by Andrew Leonard

01/22/08

Cool and collected — the very model of a careful academic — Ben Bernanke is not the kind of man who, in his constant stream of public speeches, addresses to Congress, and regular updates on the state of the economy, expresses himself with hyperbole or irrational exuberance. He is the antithesis of CNBC’s rabid mad dog of stock speculation, Jim Cramer, forever frothing over with bug-eyed babble. But the hyperlinked global markets of the 21st century measure a Fed chairman by his rate cuts, not his über-rational reasoning. And when you shock the world with an emergency three-quarters of a percentage point cut in the Fed Funds rate that is larger than anything the U.S. has seen in 23 years, your image as Mr. Calm is bound to take a beating...

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Informant: Thomas L. Knapp



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