The event was a 2002 conference at the University of Chicago to celebrate the Nobel laureate Milton Friedman’s 90th birthday. When Ben Bernanke rose to speak, he said that the Federal Reserve, of which he was then a governor, had come around to Friedman’s view that the central bank’s blunders were to blame for the Great Depression. ”We’re very sorry,” Bernanke said, prompting laughter. ”But thanks to you, we won’t do it again.”
Bernanke, a longtime scholar of the 1929-to-1933 panic, now has the unwelcome task of trying to keep a new financial calamity from turning into a full-blown depression. What started as a meltdown in the market for subprime mortgages has turned into a worldwide credit and economic crisis.
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