Bernanke - In the long run we're dead.

What was Chairman Bernanke's field of study prior to becoming the Fed Chair? The Great Depression.

I think he should give a speech explaining what we are in for in the next decade. How credit markets freezing up means loans will dry up. Those loans drying up will lead to businesses cutting investment and laying off workers. Citizens, those who still have jobs, will not be able to get loans for cars or homes. Never mind paying a high interest rate, the money simply won't be available. House prices will plummet. Unemployment will skyrocket. We'll likely see bank runs reminiscent of the 1930's.

The free market ostriches will say, "The market will clear itself."

Sure we'll work our way through this in the long run but (quoting Keynes) "In the long run we're dead."