Bernanke is right on

I have always thought of the recent housing bubble, which precipitated financial slump which precipitated commodities bubble is really a natural disaster such as hurricane. With a lot of very powerful economic forces getting out of control and pumeling everything in its path. In dollar terms this economic hurricane is orders of magnitude larger than physical hurricane such as Katherina. I am very happy to hear that our chief economist also uses a weather metaphor in his assessment.

"Although we have seen improved functioning in some markets, the financial storm that reached gale force some weeks before our last meeting (in Jackson Hole in August 2007) has not yet subsided, and its effects on the broader economy are becoming apparent in the form of softening economic activity and rising unemployment," Mr. Bernanke said.

I think Bernake is right on. Keep on top of it Ben!