Fed "extremely reluctant" to bail out Detroit

Ben Bernanke, the chairman of the Federal Reserve, has indicated that the central bank would be extremely reluctant to prop up Detroit's ailing big-three car companies.

In a letter to Chris Dodd, sent on 5 December but which was only made available Tuesday, Bernanke said: "The Federal Reserve would be extremely reluctant to extend credit where Congress has actively considered providing assistance but, after due consideration, has decided not to act," Bernanke said, adding that even if the com