Former Princeton economics professor, and Fed head Ben Bernanke went before Congress this week with his midyear update on monetary policy and the economy. In so many words, Bernanke is taking credit for avoiding total collapse of our financial system; he is cautiously optimistic about economic recovery by year-end and 2 to 3 percent growth in 2010; and says he has the tools and wisdom for a carefully crafted liquidity-exit strategy that will prevent future inflation and more asset bubbles.
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