Bernanke

Today, January 3, 2010, Federal Reserve Chairman Bernanke gave a speech which can be found at: http://www.federalreserve.gov/newsevents/speech/bernanke20100103a.htm#fs10

This may seem like dry reading but, don't forget, the low farm milk price level is blamed on the financial crisis.

Bernanke certainly wants to paint the Fed in the kindest of light rest of the worlds'. Many countries were following the U.S'.lead in monetary policy, so when he compares the figures of the of the world, this has to be taken with a grain of salt.

He states:

"The lesson I take from this experience is not that financial regulation and supervision are ineffective for controlling emerging risks, but that their execution must be better and smarter."

He could have been talking about dairy regulation and supervision.