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Bernanke Saw Fed Tools Unable to Stabilize Economy in March ’08

Ben S. Bernanke said in March 2008 that the Federal Reserve’s monetary-policy tools might not be sufficient to stabilize the economy.

“I think we are getting to the point where the Federal Reserve’s tools, both its liquidity tools and its interest rate tools, are not by themselves sufficient to resolve our troubles,” Bernanke, then Fed chairman, said at the March 18 meeting of the Federal Open Market Committee, according to a transcript of the session.

“More help, more activity, from the Congress and the Administration to address housing issues, for example, would be desirable,” he said.

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