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March 25, 2010, Cover Stories, Regulations/Legal

Which Way Out?

By Virginia M. Citrano   Wed, Mar 03, 2010

With the worst of the Crisis apparently over, Fed watchers are wondering about Chairman Bernanke's exit strategy from a low interest rate environment.

In 1939, near the end of the Great Depression, Virginia Lee Burton published “Mike Mulligan and His Steam Shovel.” As any well-read child can tell you, Mike could excavate a basement in just one day. But he and “Mary Anne”—the steam shovel in the storybook's title—dug so fast that they forgot to leave themselves a way out.

For the last 18 months, Federal Reserve Chairman Ben Bernanke has been trying to dig the U.S. economy out of a hole much deeper than a basement. Now, with the worst of the Great Recession apparently over, economists and financial industry pundits are wondering what Bernanke has in mind for an exit strategy.

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