Giving Thanks for . . . the Fed?

Over at the Wall Street Journal, James Stewart is giving thanks for Ben Bernanke and Tim Geithner:

As we sit down this week to give thanks, investors face a cornucopia of blessings. Federal Reserve Chairman Ben Bernanke and other economists have proclaimed the end of the worst recession since the Great Depression. The gross domestic product grew 2.8% in the third quarter. For the stock market, this year seems destined to enter the record books. From its low on March 9, the Dow Jones Industrial Average has soared just under 60%. . . . Mr. Bernanke, Mr. Geithner, and then-Treasury secretary Henry Paulson played the leading roles in steering the nation through the perilous shoals of last year's financial crisis. . . . Ideology aside, the most important thing to me is that all economic indicators suggest the remedies have worked.

Meanwhile, Ron Paul is not so thankful for the Fed.  In fact,

The end of the Federal Reserve is the ultimate goal of an audit of that institution, Rep. Ron Paul (R-Texas) said Monday.

Now, I am probably one of the last people to jump up to defend Washington insiders protecting Wall Street, but I have to say that my current view of the recent financial crisis is that: (1) the threat of "Great Depression II" was real, and (2) the Fed's ability to act quickly and powerfully in the face of that threat likely is the most important factor in our avoiding that fate.

So, while I remain uncomfortable with the "bankers watching bankers" aspect of our central banking system–today I join Mr. Stewart in giving thanks for Ben Bernanke and Tim Geithner.  I reserve the right to change my mind.  I remain concerned about the apparent recovery's failure to trickle down to consumers, home owners, and workers.  I favor serious examination of our central banking system and am open to new regulation (though the devil is, as almost always, in the details).  But I am grateful we avoided "Great Depression II".