quote of the day
I’ve found that those who defend Bernanke as having inherited Greenspan’s mess are most likely to have first heard Bernanke’s name on the day Bush nominated him. But he’s played an important role in shaping monetary policy, the regulatory environment, and the financial system itself for many years. And as I’ve noted before, he voted for every one of the FOMC’s devastating decisions to keep the Fed funds rate at 1% during the crucial 2003-2004 period. Bernanke has become the bearded elephant in the room. As one of the intellectual architects of a failed system, he cannot credibly stand alongside Tim Geithner or other administration officials while they cite the damaging policies of the past eight years.
~ the Cunning Realist