Yes, it was way back in the fall of 2008, but we do know that the economy was on the brink of economic collapse. We know that the Fed brought the economy to the brink of collapse because that it is what Federal Reserve Board Chairman Ben Bernanke told Congress when he was trying to get to approve the $700 billion TARP program.
Mr. Bernanke's memory may not extend back to last year, but the memory of the reporters who cover the Fed should. This means that when Bernanke warns that taking away regulatory powers from the Fed could lead to stability, reporters should provide this crucial piece of background as ridicule. Mr. Bernanke's concern over the Fed's role in maintaining financial stability is a bit like Hormel expressing concern over the treatment of cattle.
I’m writing to you today with a sense of urgency that I haven’t felt since I began my journalism career. As executive editor of The American Prospect, I’ve witnessed firsthand how independent journalism serves as a crucial bulwark against the erosion of our democratic institutions. Today, that role is more vital than ever. Can you step up today and show your support?
The winds of authoritarianism are blowing stronger. We’re seeing alarming signs of a coordinated effort to silence critical voices and undermine the very foundations that support progressive causes. As Bob Kuttner presciently wrote in our August 2024 issue, a weaponized IRS could attack the very foundations of the progressive movement. We need readers to step up and help us dig in for the long haul.
We’re falling behind in our spring fundraising campaign, and with so much at stake we can’t afford to come up short. If you value fearless, independent journalism that holds the powerful accountable and defends democracy, now is the time to step up. The American Prospect depends on reader support to stay in the fight. Pitch in today and help us close the gap. Please consider making a donation today.
–David Dayen, Executive Editor
Copyright 2025 | The American Prospect, Inc. | All Rights Reserved
