Will Ben Bernanke Tell Us the Secrets of the Island?

Bernank
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Today Federal Reserve chairman Ben Bernanke is testifying in front of the Joint Economic Committee, where he is expected to finally explain why he has taken so much unprecedented action lately, like helping JPMorgan negotiate a deal to buy Bear Stearns at a rock-bottom price and agreeing to absorb $30 billion of questionable assets as collateral for the loan that enabled the deal, establishing a lending facility for investment banks, and lowering the interest rate like crazy. That it has taken more than two weeks for anyone to ask Bernanke to explain himself reminds us of the castaways on Lost, who have co-existed on the island for four seasons with a group of Others of whom they have not asked the most obvious questions: Why do you people act so crazy? And why are there polar bears on this tropical island? We suspect Bernanke's stretching out his show for the same reasons as J.J. Abrams — he's still trying to figure things out. So don't hold your breath thinking he's going to produce a Big Finale That Explains All. Probably, we're going to have to wait a few more seasons to find out how this story is going to end.

Bernanke to Face Bear Stearns Queries [NYT]