Speaking in an in interview on CNBC, recently-retired Fed Governor Frederic Mishkin praised Fed Chairman Ben Bernanke and U.S. Treasury Secretary Paulson for being the right people to deal with the current situation.
In many ways, the current situation is worse than the Great Depression, said Mishkin who pointed out that as a student of history, Bernanke is the perfect person to handle the current financial market crisis.
Bernanke is very focused on dealing with the problem at hand, said Mishkin, saying the Fed Chairman doesn't get excited and remains very focused on the situation.
The former Fed governor also praised U.S. Treasury Secretary Henry Paulson, whose former position at Goldman Sachs makes him the ideal candidate for the current situation given his understanding of Wall Street and its dangers, Mishkin said.
Nevertheless, with everything going on in the financial marketplace, Mishkin was keen on pointing out the importance of the Fed not easing up on the anti-inflation mission and keeping prices stable.
Mishkin retired from the U.S. Federal Reserve on Aug. 31, and was replaced by Elizabeth Duke.
By Erik Kevin Franco and edited by Stephen Huebl
©CEP News Ltd. 2008