Dog Chasing Tail Saga

From the New York Times: Fed Chief Vows to Use Every Tool to Stem Financial Crisis.

While the United States economy is likely to worsen significantly over the next year, the Federal Reserve is “committed to using all available tools” to stanch the financial crisis and unfreeze credit markets, the Fed chairman, Ben S. Bernanke, told the Senate Banking Committee on Tuesday.

“If actions taken by the administration, the Congress, and the Federal Reserve are successful in restoring some measure of financial stability — and only if that is the case, in my view — there is a reasonable prospect that the current recession will end in 2009 and that 2010 will be a year of recovery,” Mr. Bernanke said.

So if it succeeds, it will succeed; and if it fails, it will fail.

It must be glorious to have a such a knack for clarity and concision!