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The Federal Reserve must for the first time identify the companies in its emergency lending programs after losing a Freedom of Information Act lawsuit. The Federal Reserve must for the first time identify the companies in its emergency lending programs after losing a Freedom of Information Act lawsuit....

In July, Ben Bernanke told a town hall meeting, "I was not going to be the Federal Reserve chairman who presided over the second Great Depression." According to New York Times columnist Paul Krugman in that regard he's succeeded. Bernanke's rescue of the financial sector in tandem with the Obama Administration's stimulus plan prevented a "full replay" of the Great Depression, the Nobel Prize-winning economist writes. But like President Bush declaring "Mission Accomplished" in 2003, Elliott Wave International founder, Bob Prechter thinks Krugman and Bernanke are premature in declaring victory over the credit crunch. ...

In August 2008 I joined the Board of Governors of the Federal Reserve System, leaving behind a 30-year career as a commercial banker to become a central banker. My time as a commercial banker spanned numerous business cycles. It also encompassed at least one severe financial system crisis, in the late 1980s through the early 1990s, albeit one that was not as severe as the current one. From my time as a commercial banker, I already understood the factors considered by bankers in the initial lending...