The new Fed chair seems a straight shooter. He has cut rates, but not to outrageous levels, and all the while has kept an eye on inflation.
The other reason to limit panic is that neither China nor any other country can afford to "dump" dollars too quickly. Flooding the market too swiftly would hurt their own economies.
Still, the presidential and other candidates this year must begin to address real issues related to our economy. First, how can they promise every new government program in the world or even talk about raising taxes, when those who carry the burden of paying the bulk of the taxes in America are starting to see the value of their homes and that of the money in their bank accounts sink before their very eyes?
And candidates must begin to address a monetary system that can become a virtual hostage to, of all things, the largest communist nation in the world. That's really great: We let China take control of Wall Street thinking. That's a really smooth move.
It's time for this unimpressive cast of presidential candidates to quit playing silly attack games, such as searching for endorsements from televangelists or showing up on "Saturday Night Live," and instead start "feeling our pain." This is a rapidly developing storm, one that some of us could see coming.