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
- New documentary explores the legacy of the 5,000 Rosenwald schools set up by a Sears magnate and Booker T. Washington
- Rare silent Native American movie of 1920s attracting a lot of interest
- It happened in Idaho and was the largest massacre of Indians in US history, but where exactly did it take place?
- Junípero Serra’s Missions Destroyed Entire Native Cultures. And Now He’s Going to Be a Saint.
- Isis destruction of Palmyra's Temple of Bel revealed in satellite images
- Two scholars from UT object to the Texas school's decision to remove the statue of Jefferson Davis
- A history professor explains why Americans are so prone to conspiracy theories
- Now Greg Grandin has come out with a study of Henry Kissinger
- Japanese historian upends the familiar narrative of WW 2 by taking a bottom up approach, focusing on fascism from the grassroots
- Holocaust-denying historian David Irving organises 'disgusting' £2,000-a-head holiday tours of former concentration camps and Hitler's HQ so people can 'make up their own mind about the truth'