Bernanke's Fairy Tale Recession Story for Kids; Records Show Fed Had No Coherent Strategy for Bank Bailouts

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Byline: Vern McKinley and Tom Fitton, SPECIAL TO THE WASHINGTON TIMES

It's an oldie but a goodie for our Federal Reserve chairman. In one of his recent lectures at George Washington University (GWU), Ben S. Bernanke made the self-congratulatory assertion that the forceful policy response led by the Federal Reserve in 2008 helped avoid a more serious economic downturn.

This rhetoric is nothing new. Mr. Bernanke has made similar remarks in the past. As he confided in one interview, I was not going to be the Federal Reserve chairman who presided over the second Great Depression. It is clear that like Treasury Secretary Timothy F. Geithner, who recently trumpeted the …