I have trouble believing Bernanke on this, largely because the Fed manufactured this crisis (intentionally or not -- I would argue intentionally to enable cheap and greater consolidation [i.e. JP Morgan buying Bear Stearns on the cheap, with a taxpayer funded bailout]). But it's also important to note that unless federal government spending is reduced, these problems are going to continue, as ridiculous levels of government spending like we currently have can only occur with growth-stifling taxes or inflation-causing debt monetization. -- KM
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Bernanke says Reserve has been far more proactive than in 1930s.
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