The WSJ reports a clear statement from the Chairman of the Fed as the “one message” he wants to get across to the assembled Senators on the Banking Committee:

“Senator, if there’s one message I’d like to leave you, it’s that if we’re going to have a strong recovery, it’s got to be on the back of a stabilization of financial system,” he said. “And it’s basically black and white. If we stabilize the financial system adequately, we’ll get a reasonable recovery. It might take some time. If we don’t stabilize the financial system, we’re going to founder for some time.”

We couldn’t agree more, except we would frame the choice in even starker terms. We hope this marks an end to the incoherence of the administration on critical aspects of regulating the financial system, but unlike the (hapless?) Tim Geithner, Ben Bernanke doesn’t work for the (hapless?) administration.

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