Monday, March 16, 2009

Bearded Elephant In The Room

I'll repeat what I've been saying recently. If this is to be the "strategy" -- and I think it's both reasonable and justified, at least for now -- Ben Bernanke cannot credibly run the Fed. He's a holdover, a symbol of the disastrous policies of the past eight years. It would be like Obama touring the Ninth Ward to check on Katrina reconstruction with Michael Brown at his side.

Has Obama privately asked Bernanke to step down? If not, why?


Anonymous Anonymous said...

How strong is the bench in this area?

3/16/2009 12:16 PM  
Blogger phillybikeboy said...

It's in Obama's best interest to keep Bernanke and Bush separate in the public mind. Remember that Bernanke's bad policies are just pretty much a continuation of Greenspan's bad policies and those started in the Clinton years. The fire was already going, Bush just poured gas on it. Keeping digging around in the past, and maybe people will figure out that Clinton's myth of a balanced budget was based on unrealistic projections of unsustainable growth. Suddenly, the Democrats start looking not so good.

Bush makes a nice, simple bad guy in Obama's narrative. No need to change appearances.

3/16/2009 1:13 PM  
Blogger mrmetrowest said...

I just read on Bloomberg that some guy who runs a bank in Chicago has said there's going to be no depression because Ben Bernanke took it off the table yesterday.

I guess they've no Google in the Windy City, because if they did it be easy to find Ben quoted ruling out most every event in this crisis shortly before the event occurred.

Say buddy, can you spare a dime? Or preferably it's equivalent in 2009 dollars?

3/16/2009 3:17 PM  
Anonymous Anonymous said...

Hey Genius, maybe for the same reason he appointed Geithner.

3/16/2009 8:38 PM  
Anonymous Anonymous said...

Or it would be like holding over Bush's Defense Secretary to get us out of the disastrous Iraq war. Oops! CR, it makes perfect sense. Geithner at Treasury. Gates at Defense. Bernanke at Fed. The Ruling Class rules regardless of whom we elect.

3/17/2009 4:42 PM  
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