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Home Publications Blogs Beat the Press The Post Complains About Congress Soliciting Bernanke's Opinion

The Post Complains About Congress Soliciting Bernanke's Opinion

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Saturday, 05 March 2011 09:12

The Washington Post editorial board is upset that members of Congress tried to prompt Federal Reserve Board Chairman Ben Bernanke to weigh in on the merits of Republican proposals for large budget cuts. While they are right to be upset about such childish behavior, the Post missed the main reason.

After Alan Greenspan, Ben Bernanke is the person most responsible for the economic collapse the country is now recovering from. He was one of Fed governors from 2002 to 2005, before having a brief stint as President Bush's chief economic advisor. He then returned as Fed chairman in January 2006. During this period, he stood by and did nothing as the housing bubble grew to ever more dangerous levels and in fact publicly insisted that it was no big problem. It would be hard to imagine a more disastrous mistake.

Given Mr. Bernanke's track record he is very lucky to have a job (and indeed a well-paying one) at a time when so many workers do not. It is hard to see why the opinion on economic policy of someone who didn't see any problem with an $8 trillion housing bubble would be especially valuable.

Comments (6)Add Comment
Bernake is a snake, Low-rated comment [Show]
I object!
written by cemmcs, March 05, 2011 9:45
American Patriot, "jewish people"? "those people"? What the hell is that? I come here to read intelligent comments about ecomonomics and not to read anti-semitic bullshit.
A good soldier
written by eastcoastcynic, March 05, 2011 11:43
Bernanke was just being a good republican soldier by going along with the unregulated mortgage crime wave that was going on.

Unfortunately, the President being a conciliatory bipartisan weasel felt that he had to bring him back instead of forging a new trail in monetary policy and regulation favoring main street america.
...
written by izzatzo, March 05, 2011 11:48
Ben Bernanke is an expert on the Great Depression of 1929. It's a good thing he's not an expert on heart surgery because he'd have a lot of dead patients about now.
Ben's Track Record since Oct 2008
written by Paul, March 06, 2011 7:33
has been better than just about anyone's and in the economics business, you are as good as your last prediction.
...
written by Fed Up, March 07, 2011 9:07
"Given Mr. Bernanke's track record he is very lucky to have a job (and indeed a well-paying one) at a time when so many workers do not."

Like way too many economists.

"It is hard to see why the opinion on economic policy of someone who didn't see any problem with an $8 trillion housing bubble would be especially valuable."

He is valuable for bailing out bankers. What about his mortgage?

izzatzo said: "Ben Bernanke is an expert on the Great Depression of 1929. It's a good thing he's not an expert on heart surgery because he'd have a lot of dead patients about now."

Unfortunately, a lot of banks don't go under.

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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.

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