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March 11, 2008

Dear Ben: To Save the U.S. Economy, Here Are the Moves You Need to Make Now

By Keith Fitz-Gerald, Chief Investment Strategist, Money Morning

By Keith Fitz-Gerald
Investment Director
Money Morning/The Money Map Report

Last Wednesday, U.S. Federal Reserve Chairman Ben S. Bernanke told the Senate Banking Committee something that’s becoming more evident by the day, “I don’t know how to fix it.”

Bernanke was actually referring to the mark-to-market accounting rules that may be forcing the banks to take bigger write-downs than are actually warranted. But in my mind, those valuation issues are at the heart of the subprime-mortgage and credit crises. So the fact that the head of our central bank has no idea how to address that very basic problem is incredibly unsettling.

You see, the global credit crisis isn’t just “a” crisis – it’s “the” crisis of our time. It’s so important that I offered my views in a letter to our central bank chief earlier this week. And now I share that letter with you.

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4 Responses

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    [...] two years ago, I heard laughter when I suggested that the global credit crisis would be a trillion-dollar problem. Well, they’re not laughing now. Especially when I tell them that I’m now predicting [...]

  2. The Three Signs That the Credit Crisis Has Yet to Hit Bottom | September 5, 2008

    [...] that this crisis was never about a lack of liquidity in the first place, which is something I suggested in an open letter to U.S. Federal Reserve Chairman Ben S. Bernanke some time [...]

  3. Since You Asked ... Here's How I Would've Fixed the Fiasco | September 27, 2008

    [...] I believe Paulson actually missed a historic opportunity to remove the U.S. taxpayer from further financial troubles rather than lump more debt on them, just as I believe Bernanke missed several opportunities earlier this year. [...]

  4. Wow..economic solutions available 8 months ago. « The WoodLawn Review | October 1, 2008

    [...] More than one expert has provided solutions and here is one the was posted Tuesday, March 11th, 2008 by Keith Fitz-Gerald. [...]