If You Liked the Great Recession, You'll Love Ben Bernanke's New Plans

The week before last, Federal Reserve Chairman Ben Bernanke emerged from a Federal Open Market Committee (FOMC) meeting and proclaimed that the FOMC came to the conclusion that it may be “appropriate to moderate the pace of [bond] purchases later this year” if the economy continues to improve. Mind you, he didn’t say the Fed would siphon liquidity out of the economy, simply that it might cut back on its buying of bonds if conditions warranted it.