In an op-ed in The Wall Street Journal, Ben Bernanke, chairman of the U.S. Federal Reserve, writes that the tools put in place to combat the financial crisis, together with the underlying power and resilience of the American economy, will help to restore confidence to the financial system and place the economy back on a path to vigorous growth.
“History teaches us that government engagement in times of severe financial crisis often arrives very late, usually at a point at which most financial institutions are insolvent or nearly so. In these conditions, the consequences and costs of inertia and inaction can be staggering. Fortunately, that is not the situation we face today.”
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