Federal Reserve Board Chairman Ben Bernanke, who famously missed the housing bubble and then insisted the problems in the housing market would be contained in the subprime sector, warned the country about the need to contain deficits in testimony before President Obama's deficit commission today.  It would have been helpful to readers if reporters had noted Mr. Bernanke's track record so that they would be better able to assess the importance of his remarks.

Of course, his main statement: "History makes clear that failure to achieve fiscal sustainability will, over time, sap the nation's economic vitality, reduce our living standards, and greatly increase the risk of economic and financial instability," is trivially true. Obviously something that is not sustainable cannot, by definition, persist indefinitely.

However, Bernnake's statement provides no basis for determining whether this is a need to act now, in 5 years, or in 20 years. It effectively says nothing. Reporters could have pointed this fact out to readers.

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