Via Cunning Realist, here is a snapshot TODAY IN ECONOMIC HISTORY:
"The impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained."
-Ben Bernanke in congressional testimony, 3/28/07
Gee, how'd that work out?
From what I recall, not well.
Was Mr. Bernanke held accountable for his horrific inability to see the catastrophe he and the boys and girls on the Federal Reserve Open Market Committee helped create by enabling the worst excesses of Wall Street?
Nope - President Accountability renominated him to the Fed.
Heckuva job, Barack!!!!