Fed Has Done Well

Roger Ferguson,former Vice Chairman of the Federal Reserve and current CEO of TIAA-Cref,feels that the challenge of the financial crisis is the absence of credit availability and confidence.The financial rescue plan is designed to address that.I do not think there is a magic bullet,Mr.Ferguson said.I give my former colleagues at the Federal Reserve quite high marks.They've been flexible and used a number of tools.We may have several months to go before we can blow the all-clear signal,Mr.Ferguson cautioned.Keep the long view;don't panic;seek objective advice,the chief executive counseled.