Fed Chairman Bernanke Addresses Senate on Slow Growth and Inflation

Fed Chairman Ben "Bertankie" Bernanke is addressing Senate with a Q& A session today. Here are some highlights (lowlights, actually) from the meeting still in progress:

* Disputes the idea that current economy is like it was in the '70's.

* Banks "risk management" practices must be examined.

* Unemployment rate expected to go higher.

* Food and energy prices represents bulk of inflation problem.

* Effectiveness of interest rate cuts depend on strength of economy.

* Weak economy and tight credit markets make each other worse.

* Some bank failures could take place.

* Greater inflation pressures coming from rising oil prices.

* Many issues are different than in 2001.

* Keeping inflation stable is key.

* Fed prefers to take action at regularly scheduled meetings.

Ben Goes To Congress (2/27/08)