Paulson and Bernanke may very well go down in history as the 2 men who prevented another great depression. Hopefully, once stability is returned to the financial system, America can return to a more Free Market system, but right now, the most important thing is to return stability to the financial system.
A longtime student of the Great Depression, Mr. Bernanke was acutely aware of what could happen without a decisive move. Finally, the moment that called for action arrived late Wednesday.
“There are no atheists in foxholes and no ideologues in financial crises,” Mr. Bernanke told colleagues last week, according to one meeting participant.
In the end, what left so many lawmakers and economists frustrated was the sense that no one had a better idea. So they waited for Mr. Paulson and Mr. Bernanke to give them more details about what they wanted to do.
If lawmakers and economists wanted better ideas, they should have turned to Sebastian Mallaby.