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Wednesday, 31 July 2013

Bernanke: A Tenure of Failure

By John P. Cochran

Fed Chairman Ben Bernanke’s term as chairman of the Fed expires at the end of the year and President Obama has quite ungraciously indicated his intent to replace him, remarking that he had, “already stayed a lot longer than he wanted or he was supposed to.”

Despite what Mort Zukerman has argued in his column titled “Mistreating Ben Bernanke, the Man Who Saved the Economy,” policy under Bernanke has not been good, to say the least. Policy before the crisis expanded created credit, kept rates too low for too long, generating a second, but this time catastrophic, boom-bust cycle.

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