Christmas 2009

It was a difficult year, 2009 – a year that will go down in U.S. economic history as one of the toughest. The economy came perilously close to seizing up in a way that would have made the Great Depression look like primary school. Heroic interventions by the Fed under Ben Bernanke and first Henry Paulson and then Tim Geithner at Treasury literally saved our economy. The current high unemployment rate is a concern, of course, but the alternative was catastrophic.