Thursday, January 28, 2010

Bernanke returns

Bernanke's reconfirmation has passed the Senate. Good. The push against him was political scapegoating and pandering, including by a certain Arizona senator who demonstrated that he himself hadn't a clue as to what measures or temperament were needed in the fall of 2008. Not everything Bernanke has said or done is 100 percent to my liking, but he was innovative and astute in responding to the crisis; and as for his putative role in helping creating the crisis, he can take a number, well behind Barney Frank. The push against Bernanke was part of the general populist attack on the Fed, and that movement needs to be audited for intelligence.

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