NOURIEL ROUBINI thinks Bernanke did a good job and may have averted a great depression, and for that Bernanke deserves a reappointment. http://www.nytimes.com/2009/07/26/opinion/26roubini.html?_r=1 "The Fedâs creative and aggressive actions have significantly reduced the risks of a near depression. For this reason alone Mr. Bernanke deserves to be reappointed so that he can manage the Fedâs exit from its most radical economic intervention since its creation in 1913."
Everyone still believes that bernanke has averted a great depression, some dumb ones even think there wasn't a recession to begin with. Were not even close to seeing an end to this economic downfall, all he did was create more programs like ABC and XYZ, printed a lot of money, lowered rates to historical lows, change some accounting rules and buy up some toxic assets off the banks balance sheets and this guy is doing a "good job". HAHA. I think what he did was only make things worse. Greenspan created what he thought was a great time in the expansion of our economy back in 2002-2007 by creating easy credit and historical low rates, that's why today the economy is suffering from a credit crisis that no matter what you do cannot be fixed.
Desperate Measures by Desperate Policy Makers in Desperate Times: the Fed Moves to Radically Unorthodox Policies as Economy Is in Free Fall and Stag-Deflation Deepens Roubini Nov 26 2008 let see what he said... http://www.rgemonitor.com/blog/roub...my_is_in_free_fall_and_stag-deflation_deepens
More likely he just wants Ben there to be responsible for the upcoming disaster that will be the fruits of his labor. Greenie got off without a hitch.
heh. the worst hasn't started. obama's honey moon has ended. beneke's honeymoon will end soon. the worst is yet to come, then we'll see his approval ratings. not saying he didn;t do a good job, but the scale of this will reflect on him anyway.
With Obama doing so many "firsts", maybe he will choose a minority to be Fed Chairman next time - not sure if that's ever happened before...
Not the way I see it..... Simple speak..... Previous economy including all credit.... $70 Trillion Over $30 Trillion and climbing was removed.... Thus 40/70's is left to price all goods and services.... Amounts were injected/fabricated by the Fed perhaps have added false valuation as a temporary bandaid.... These amounts will further negate the economy to 30/70's and even less unless manufacturing is re-established in the US.... ............................................................................... Ever since Volcker the FED continues flawed policy.... Bernanke would be a temporary hero....and a longer term disaster....same or worse than Greenspan.... Make no mistake.... Makes me wonder if Roubini was just lucky....once....
Bernanke has been a disaster. Let's recall that the big banks are under the Fed's purview, specifically the NY Fed, which did nothing as they took on insane risks. Bernanke totally missed the signficance of the real estate slowddown, which by his inaction he allowed to snowball into the credit crisis. Jim Cramer was totally right on this, and Bernanke was dead wrong. Bernanke has been aggressive in nailing shut the barn door after the horses ran out. Even then, his efforts are open to serious criticism. He has radically enlarged the Fed's balance sheet and at the same time denied any effective oversight. His panicky policy moves have largely ended up fattening the bank accounts of Goldman execs and favored hedge fund managers. I don't think he is an evil man, just lacking in leadership skills, respect and street smarts. Classic case of the wrong guy at the wrong time.