When the Senate Banking Committee welcomes Federal Reserve Chairman Ben Bernanke for his confirmation hearing today, the questioning is sure to be sharp, yet another chapter in the unceasing second-guessing of the government's handling of the Wall Street meltdown.

Almost since the first cracks in Wall Street's facade appeared more than two years ago, commentators and politicians of all stripes have questioned whether the Fed and, equally, the Treasury made proper decisions as they faced the worst financial crisis in 75 years.

It is very much the Banking Committee's responsibility to satisfy itself about Bernanke's qualifications and the overall management of the financial crisis. It is also appropriate for other oversight groups to conduct their own inquiries.

But...