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From Richard Posner, who is decidedly unimpressed with Ben Bernanke’s reputation as a great crisis manager:

He is like a general who having been defeated in battle because of his errors manages the retreat of his army competently. He does not thereby escape blame for the defeat, and should not be permitted to shift blame to the soldiers under his command who gave way under attack.

There are plenty of things that I think a reasonable person might have missed about the dangers of the Bush-era credit boom.  But I’ll go to my grave not understanding how so many people missed the housing bubble.  What were they all smoking?

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We've never been very good at being conservative.

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This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

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