A lot of people are starting to think that Ben Bernanke shouldn't be allowed to continue on as Fed Chairman. I'm not one of them. He seems to be holding up pretty well in the job. Admittedly, he's not very believable but given the line he's got to spout, who would be?
The last thing anybody wants right now, is someone who will tell the truth and advocate the kind of policies that would do some good. We all just want to pretend things are under control and will soon get better. For that, Ben is our guy.
Why change horses in the middle of the stream? All you're going to accomplish is drown more horses than you already have to.
3 comments:
Bernanke is one of the most clueless and incompetent economists ever. All throughout the obvious bubble, he kept swearing there was no bubble. And then when the bubble started bursting, he was certain that subprime was contained and that it was no big deal.
But that's what Obama wants, a clueless money-printer who will delay the day of reckoning.
A good start for financiial recovery would be to repeal the Community Reinvestment Act. We need to repeal all those "feel good" laws and let the market correct itself.
It's the deceitful dealing with banks or hedge funds, insurance companies, or pension funds even.
We can't bail out the world.
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