Anna Schwartz: Bernanke is fighting the last war..

Published two years ago in the WSJ. Probaly the best article I've read on this subject.

"This was [his] claim to be worthy of running the Fed," she says. He was "familiar with history. He knew what had been done." But perhaps this is actually Mr. Bernanke's biggest problem. Today's crisis isn't a replay of the problem in the 1930s, but our central bankers have responded by using the tools they should have used then. They are fighting the last war.