Mr. Zuckerman, in his apologetic editorial in today’s Journal, has the proper perspective in his positive analysis of Chairman Bernanke’s actions (thus far) while serving as head of the Federal Reserve (FRB). Principally that the Chairman maintained the lights during what could have become a dark period. I found Mr. Bernanke’s July 10th speech outlining the purpose of the FRB to be insightful into his line of thinking during the crisis. This speech should be required reading for high school upperclassmen. Although one does not have to agree with the FRB’s dual mandate, the speech covers its history and purpose well. Should the FRB be in the employment realm (not my choice) is a separate question. The principal thought I have is beware the changing of the guard. This is to say that the next act is going to be quite delicate and Bernanke’s historical perspective on matters is invaluable. His knowledge of the present state is significant, too. How to wrap up what I will call “the great transfer” (risk moving from private sector or quasi private to the public sector) will be complicated and the present FRB Chairman will be judged by history based on the ultimate outcome of present policy. Much is up to the legislators, who have squandered precious time debating how to get the fiscal house in order. We’ll see the latest on this front at FY year-end in a few months. General thoughts.