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{ 2 comments… read them below or add one }
Since leaving his position, Alan Greenspan has been vilified for his conduct (or lack of) while Chairman of the Fed and its adverse impact on the markets and economy. What few seem to realize is that Ben Bernanke was Greenspan's right hand man at the Fed and directly involved in all that transpired. What we have now is simply a continuation of the incompetence demonstrated by the Fed over the last two decades. Is it any wonder Congress, who is culpable in this as well, is trying to limit Fed powers. However, while we may agree the Fed has done a poor job, perhaps much of the blame for our growing economic crisis resides with Congress and an Administration which has no desire to control spending and indebtedness. Kind of puts Bernanke in a no-win position regardless of what he does. He can't force the ideologues in Washington to act responsibly, yet he and Geithner are supposed to find ways to make it all work. “Fiscal alchemy” at the highest levels! I feel sorry for Bernanke as he is obviously over his head, however, he has been dealt a hand that is more like a “dead man's
hand and unfortunately, that may be where the Nation ends up from all this foolishness by our leadership.
Since leaving his position, Alan Greenspan has been vilified for his conduct (or lack of) while Chairman of the Fed and its adverse impact on the markets and economy. What few seem to realize is that Ben Bernanke was Greenspan's right hand man at the Fed and directly involved in all that transpired. What we have now is simply a continuation of the incompetence demonstrated by the Fed over the last two decades. Is it any wonder Congress, who is culpable in this as well, is trying to limit Fed powers. However, while we may agree the Fed has done a poor job, perhaps much of the blame for our growing economic crisis resides with Congress and an Administration which has no desire to control spending and indebtedness. Kind of puts Bernanke in a no-win position regardless of what he does. He can't force the ideologues in Washington to act responsibly, yet he and Geithner are supposed to find ways to make it all work. “Fiscal alchemy” at the highest levels! I feel sorry for Bernanke as he is obviously over his head, however, he has been dealt a hand that is more like a “dead man's
hand and unfortunately, that may be where the Nation ends up from all this foolishness by our leadership.
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