Today is the day of Ben Bernanke’s confirmation hearings on the Hill. Word has it that, despite Obama’s approval, most senators “have their fingers in the wind” on Bernanke. In August, when Obama announced that he would not replace Bernanke, I wrote a manifesto of Bernanke’s misdeeds and negligence.
That was in August; there’s been plenty more to add to the list since then. The argument is very simple, though, and doesn’t benefit much from further evidence: we had a recession. It’s the Fed’s job to prevent recessions, therefore the Fed failed. Bernanke is not some oracle. We have plenty of other brilliant economists, and we could let them take over instead of rewarding failure. Let’s not create some sort of cult of technocracy, in which the Fed chairman can do no wrong.
But go back and read the article. It is amazing to see the Fed and Treasury’s tag-teamed overreaches of power aggregated on paper.
Notice to Readers: The American Spectator and Spectator World are marks used by independent publishing companies that are not affiliated in any way. If you are looking for The Spectator World please click on the following link: https://spectatorworld.com/.