Economic Mystery

From the Wall Street Journal:

….The Fed’s classic mistake that led to the Great Depression was that it tightened monetary policy when it should have eased. Mr. Bernanke didn’t repeat that error. And Congress moved more swiftly to approve fiscal stimulus than most Washington veterans thought possible.

In part, the broader economy has held mostly steady because exports have been so strong at just the right moment, a reminder of the global economy’s importance to the U.S. And in part, it’s because the U.S. economy is demonstrating impressive resilience, as information technology allows executives to react more quickly to emerging problems and — to the discomfort of workers — companies are quicker to adjust wages, hiring and work hours when the economy softens.

But the risk remains that Wall Street’s woes will spread to Main Street, as credit tightens for consumers and business….

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