Remember that quote in Hurricane Katrina's aftermath? I predict Bernanke's tagline will be "exceptionally alert and flexible."
Now we know what "exceptionally alert" means.
Last I looked "flexible" meant being able to withstand stress without injury. The Fed failed us on both counts.
It will be interesting to see what they do tomorrow morning. But then again, Stan O'Neal, after burning thru $20 billion at Merrill Lynch, gets hired as a director to Alcoa!
He and Bernanke shouldn't be running anything bigger than a lemonade stand.