NYSE Euronext (NYX)

[Not_Bill_Oneil]

A disheartening article tonight...

came up on Yahoo: http://www.msnbc.msn.com/id/22690115/

An article about Bernanke to offer his qualified support for stimulus plans proposed by Congress to support the U.S. economy.

Just disheartening, in so many ways. Mainly, because the reason stimulus plans are needed at this time is because the Fed didn't do their job correctly and act in time last year.

Disheartening because broad plans shouldn't be required, at least not at this juncture.

Disheartening just thinking about what various plans the politicians will propose, all of the bickering and posturing, how much these programs will cost, and how much of that money will be wasted ultimately.

Disheartening because it's more business as usual inside the beltway. You can be sure we will hear more from the candidates, from Bush at the State of the Union, and from Bernanke and others.

I'm not against plans themselves, many families will be helped by these plans and it is commendable and good to do so, but, it would've been better all the way around (for the entire economy) had the Fed acted correctly last year.

Lots of people created this problem and the blame can be spread far and wide, but, the Fed had the capacity to step in and solve much of it, much more painlessly, last year. And it was their function to do so.

Instead, it appears they didn't do their homework; they didn't do their job to the best of their ability. I say that because they have the knowledge, the experience, and the information, and could get access to any other market information out there from about anybody out there. But, they don't have to go the extra mile. Their positions are secure, regardless of performance. In fact, nobody really judges their performance. Why would they need to do more?

And it appears they are too late now.

GL.