Doug Noland: "Bernanke's Comment"

``Somehow the Fed has succeeded in making unstable global markets even more so... It is worth noting that Bernanke and others' historical accounts of the 1920s basically disregard a crucial fact: The Federal Reserve patently failed in its responsibilities to safeguard financial stability during that period. It basically accommodated a runaway boom. By intervening to limit downturns and backstop system liquidity, the Fed nurtured historic financial and economic Bubbles. It failed in regulating Credit and it failed in dealing with historic financial excess. Its policies were instrumental in what evolved into epic economic maladjustment and imbalances on a globalized basis.''