Bernanke defends the Fed:
And in a convincing manner: (emp add)
... others will be skeptical, trotting out the Fed's spectacular underestimation of financial problems during 2005-2007. That criticism is of course well taken, and both the Fed and the economics profession as a whole have much more work to do in terms of recognizing exactly what should have been done differently. But let's be practical. What other institution did a better job?
That's telling 'em Ben. You screwed up but that's okay because you can't find an "institution" that did a better job of dealing with the housing bubble - whatever that's supposed to mean.
I am so pleased that Obama reappointed this extremely wise central banker.