Rep. Paul Kanjorski on the TARP on C-SPAN today.

[Charles Dean]

Here's the video: http://www.youtube.com/watch?v=INAGMSAR ... r_embedded

The more I've read about what happened here, and as pissed off as I was about the "bailout" and what not, I've had this sinking feeling for awhile that history may show that Bernacke's wherewithal to act so dramatically may have saved our economy.

I think about how Indymac collapsed. Indymac's collapse was not because of bad loans or a bad business model. I wrote alot of loans thru them. Indymac folded because of an electronic run on the bank.

Bernacke was a huge history buff on the Great Depression. One of the universally agreed upon things with the Depression was that one of the reasons for so many bank collapses was because of the Fed's failure to act quickly.

I don't want to say this, because I don't want to believe it, but will history end up showing that Bernacke was exactly right about the magnitude of the problem and just how screwed we were without drastic action?

[sniglet]