Monday, April 14, 2008

Volcker vs Bernanke

This looks like it is turning into a real grudge match.

First, "Paul Volcker, the imposing former Fed chief who felled the runaway inflation of the 1980s, chided the current chairman, Ben Bernanke, for toeing 'the very edge' of the bank's legal authority in orchestrating last month's bailout of the beleaguered investment bank Bear Stearns."

Next, according to rumor, Volcker is quoted as calling Ben "a one-termer."

Finally, in his ersatz blog, Bernanke announces retaliation:
I hereby declare Paul Volcker an enemy combatant to the economy of the United States of America and issue a warrant for his arrest. We're in the process of building our first Federal Reserve Prison.