The list of alternatives is quickly deteriorating and if the Fed doesn't come up with something that at least sounds new, we might end up with several days of interventionless economics. Wouldn't that be a frightening prospect?
Unless you've been sleeping under a rock at the bottom of a yet to be dug coal mine, you have already noticed that the Fed's number one bicycle pump, interest rates, are already blowing air into leaky tires all over the country.
A recovery, he added, would be "out of reach" until officials stabilize the financial system, and even if that happens the recession will persist until "later this year."
Adding a dose of humility to his assessment, Mr. Bernanke conceded, "My forecasting record on this recession is about the same as the win-loss record of the Washington Nationals." The Major League Baseball team had 59 wins and 102 losses last year, the worst in baseball.
Fed Considers Its Next Actions [The Wall Street Journal]