I wish that those who are trying to block Bernanke would let us know a better alternative--I can't think of one. Bernanke is smart, honest, and while he made mistakes, he showed a great deal of flexibility (and a willingness to learn) in response to the crisis. The best evidence suggests to me that we were indeed on the brink, and he gets a lot of credit for pulling us back. I guess that I am especially mystified that the Republicans would oppose him, unless they are hoping to put the country on a new downward spiral before the midterms (I like to think they even they are not that cynical).
Full disclosure: I briefly met Bernanke once, and I really liked him as a person. But I don't think that has any influence on my views of him as a central banker.
Ben should be replaced because he does not understand how his pre crises policies caused the crises. He absolutely refuses to take responsibility for what happens on his watch. This is not acceptable.
ReplyDeleteThe buck does not stop here with Ben. Its all denial of what is obvious. Its all someone else's responsibility.
Put Paul Volker back in charge. He is the only one who understands the importance of a stable dollar, and how useless most of the "financial innovation" really is.
Most important, he should be removed because he is putting the nation in a serious situation with his quantitative easing. No nation has ever successfully removed this much electronic printing, and Ben is making it worse with each passing day. This will be the cause of the next major crises.
Just my opinion, but I think what Anonymous said is just pure nonsense. We are really supposed to worry about inflation right now? You have got to be kidding me. Why don't we just go back to the Gold Standard?(sarcasm intended)
ReplyDeleteShould be Paul cn be Volcker or Krugman.
ReplyDeleteits the playoffs, & ninth inning, bases loaded, and were just hanging on to a one run lead...gotta bring in the closer...volcker...if we win this one, than anyone can start opening game next season..
ReplyDeletePeople who want Bernanke reappointed always focus on his reaction AFTER the crisis hit. They ignore that if the Fed hadn't ignored the housing bubble in the first half of the decade, there never would have been a crisis at all. Bernanke was on the Board of Governors from 2002-2005. He bears much responsibility for the Fed's delinquency during the buildup of the housing bubble.
ReplyDeleteWe need a Fed chairman who is proactive, not reactive. Although old, Paul Volcker is still in good health. Stanford's John B. Taylor is another option.
People who think Bernanke is the only possible choice suffer from status quo bias. There are many good economists in the U.S. It is not the senate's job to appoint the Fed chairman. That's the president's job. The senate simply approves or disapproves of the president's choice. It appears that the senate disapproves, as they should.
As some wit said, the graveyards are full of the remains of indispensable men.
ReplyDeleteWe can always keep our options open and look for other candidates.
ReplyDeletePeople should assess the situation well to come up with the best decision.
ReplyDeletepersonalized party favors