- They let Lehman go, an event from which we have by no means recovered;
- They have signally failed to make a persuasive case for TBTF and the so-called bailouts;
- Bernanke has failed to persuade the FOMC to adopt inflation-targeting as Fed policy;
- Bernanke has presided over the first annual decline in nominal GDP in 60 years;
- Geithner has insufficient clout in the White House to stand up to the Emmanuel bank-bashing populists.
Haven't we been here before? Doesn't this sound a lot like the Hoover administration in general and Andrew Mellon in particular? Is this the history we want to repeat?