Bloomberg vs. Bernanke
Federal Reserve Chairman Ben Bernanke indirectly criticized Bloomberg for its recent series of articles examining the Federal Reserve's lending policies, claiming that the recent articles had "egregious erros" and were "wildly inaccurate" in a memo to several lawmakers. One of those articles, which I had discussed in an earlier blog (Secret Fed Loans), stated that the Federal Reserve had committed $7.77 trillion in total to rescuing the financial system.
Well, Bloomberg News isn't taking too kindly to Bernanke's remarks. In an article published today, it systematically went down Bernanke's memo line by line, refuting all of Bernanke's main claims and reiterating its stance. Bloomberg News comprehensively dissected the memo, singled out points of contention, and elaborated on why it, and not Bernanke, was ultimately correct.
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