Quote of the Day: Fed Still Waiting and Seeing

From Ben Bernanke, in testimony before Congress today:

As always, the Federal Reserve remains prepared to take action as needed to protect the U.S. financial system and economy in the event that financial stresses escalate.

Good to hear. Very prudent. We certainly wouldn’t want to risk taking too much action to help out people who aren’t bankers. Better to let them suffer a while longer and see what happens.