While Americans are focusing on healthcare, a battle over the all important Fed chairmanship has been raging. The friendly front page NYT article entitled A Hero to His Fellows, Bernanke Still Faces Fire in Washington signals a major escalation. This is what his supporters, the objective reporter calls"economimist," consider his heroism:
But economists say Mr. Bernanke’s most important accomplishment was to create staggering amounts of money out of thin air.
All told, the Federal Reserve has expanded its balance sheet to $1.9 trillion today, from about $900 billion a year ago.
I find it hard to call such dollar trashing heroic. I am not sure that the man who got us into the mess is the best man to get us out. Still, the real question is whether is replacement will be even worse?
In the meantime, I suspect the market and recovery killing oil prices will continue rising at least until the decision is made.
Oh, yes, economist are"surprised" yet again. New jobless claims rise unexpectedly to 576K
comments powered by Disqus
- Steve Bannon Vows ‘War’ on His Own Party. It Didn’t Work So Well for F.D.R.
- Tom Hanks: 'If you're concerned about what's going on today, read history'
- 9.7-million-year-old teeth discovery in Germany could re-write human history
- Charleston's International African American Museum's big plans
- What’s inside the secret JFK assassination files?
- Presidential historian Michael Beschloss explains the significance of yesterday’s Bush-Obama attack on Trump
- Russian minister keeps doctorate despite plagiarism claims
- Thomas Childers says we’ve got the Nazis wrong in 5 different ways
- National security expert Tom Nichols: “Hey, I’m unstable” is a bad look for the president
- Fake news? It’s nothing new, says Trinity College Dublin historian