Economists Call for Bernanke to Stay, Say Recession Is Over
By PHIL IZZO
WSJ
Economists are nearly unanimous that Ben Bernanke should be reappointed to another term as Federal Reserve chairman, and they said there is a 71% chance that President Barack Obama will ask him to stay on, according to a survey.
Meanwhile, the majority of the economists The Wall Street Journal surveyed during the past few days said the recession that began in December 2007 is now over. Battling the downturn defined most of Mr. Bernanke's term, which began in early 2006 and expires in January, and economists say his handling of the crisis has earned him four more years as Fed chief.
"He deserves a lot of credit for stabilizing the financial markets," said Joseph Carson of AllianceBernstein. "Confidence in recovery would be damaged if he was not reappointed."
The Journal surveyed 52 economists; 47 responded.
(Continued here.)
HERE'S ANOTHER TAKE ON BERNANKE:
Isn't Missing an $8 Trillion Housing Bubble a Mistake?
Dean Baker
American Prospect
Not according to the WSJ. It tells us that economists are near unanimous in thinking that Federal Reserve Board Chairman Ben Bernanke should be reappointed.
After telling us that the economists who it polled were nearly unanimous in believing that Bernanke should be reappointed as Fed chair, the article concludes:
"Though the economists were overwhelmingly supportive of Mr. Bernanke, they don't think his tenure was without mistakes. A slow initial response to the credit squeeze and the decision to let Lehman Brothers fail were cited as the biggest errors."
The article never once mentions Bernanke's error in allowing the housing bubble to grow to a size where its collapse would inevitably produce a disastrous downturn. Bernanke completely ignored the bubble first as a Fed governor from 2002 to 2005, then as head of President Bush's Council of Economic Advisors until he took over as Fed chair in January of 2006, and in his tenure as Fed chair until the collapse of the bubble brought on the downturn.
(Continued here.)
WSJ
Economists are nearly unanimous that Ben Bernanke should be reappointed to another term as Federal Reserve chairman, and they said there is a 71% chance that President Barack Obama will ask him to stay on, according to a survey.
Meanwhile, the majority of the economists The Wall Street Journal surveyed during the past few days said the recession that began in December 2007 is now over. Battling the downturn defined most of Mr. Bernanke's term, which began in early 2006 and expires in January, and economists say his handling of the crisis has earned him four more years as Fed chief.
"He deserves a lot of credit for stabilizing the financial markets," said Joseph Carson of AllianceBernstein. "Confidence in recovery would be damaged if he was not reappointed."
The Journal surveyed 52 economists; 47 responded.
(Continued here.)
HERE'S ANOTHER TAKE ON BERNANKE:
Isn't Missing an $8 Trillion Housing Bubble a Mistake?
Dean Baker
American Prospect
Not according to the WSJ. It tells us that economists are near unanimous in thinking that Federal Reserve Board Chairman Ben Bernanke should be reappointed.
After telling us that the economists who it polled were nearly unanimous in believing that Bernanke should be reappointed as Fed chair, the article concludes:
"Though the economists were overwhelmingly supportive of Mr. Bernanke, they don't think his tenure was without mistakes. A slow initial response to the credit squeeze and the decision to let Lehman Brothers fail were cited as the biggest errors."
The article never once mentions Bernanke's error in allowing the housing bubble to grow to a size where its collapse would inevitably produce a disastrous downturn. Bernanke completely ignored the bubble first as a Fed governor from 2002 to 2005, then as head of President Bush's Council of Economic Advisors until he took over as Fed chair in January of 2006, and in his tenure as Fed chair until the collapse of the bubble brought on the downturn.
(Continued here.)
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2 Comments:
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Bernanke was the only cause, I proved, of the Great Recession and probably acted on purpose. He had the means, motive (The gigantic power he has received.), and opportunity
Worse, in light of the exercise of the central bank extraordinary power by Bernanke, I argue that he poses a real immediate threat to democracy, peace, privacy and individual freedom.
Given the immediate dangers that are evoked in these lines I strongly suggest that you revoke Bernanke.
"I will argue here that, to the contrary, there is much that the Bank of Japan, in cooperation with other government agencies, could do to help promote economic recovery in Japan.
Most of my arguments will not be new to the policy board and staff of the BOJ, which of course has discussed these questions extensively.
However, their responses, when not confused or inconsistent, have generally relied on various technical or legal objections—- objections which, I will argue, could be overcome if the will to do so existed."
Prof. Ben Shalom Bernanke
Japanese Monetary Policy: A Case of Self-Induced Paralysis?
For Presentation at the ASSA Meetings, Boston MA,
January 9th, 2000.
"The slowdown in economic activity, together with high interest rates, was in all likelihood the most important source of the stock market crash that followed in October.
In other words, the market crash, rather than being the cause of the Depression, as popular legend has it, was in fact largely the result of an economic slowdown and the inappropriate monetary policies that preceded it.
Of course, the stock market crash only worsened the economic situation, hurting consumer and business confidence and contributing to a still deeper downturn in 1930."
Governor Ben S. Bernanke
Money, Gold, and the Great Depression.
At the H. Parker Willis Lecture in Economic Policy, Washington and Lee University,
Lexington, Virginia.
March 2nd, 2004
Revoke Bernanke: Sign the Petition to Request from President Barack Obama That Ben 'Systemic Risk' Bernanke be Removed From Office.
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What's going on here people...let's get it together!!!
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