'Do not underestimate the power of the Fed'

Commentary: Bankers, get your priorities straight

There will be many turning points in this first global recession of the modern era, but this week marks one of the good ones. The players: the Fed, the Obama administration, and maybe, just maybe … the bankers.

The Fed is a central bank. All nations have one, each with one unique capability: the authority to print money. In normal times, central banks print money cautiously but routinely through the banking system — draining in good times, increasing in recessions.