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Ben Bernanke has told close friends he probably will not stand for another term at the Fed even...
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Tuesday, October 23, 2012, 8:12 AM ETBen Bernanke has told close friends he probably will not stand for another term at the Fed even if Obama is re-elected, reports Andrew Ross Sorkin (his term ends in January 2014). At the top of the list for his replacement under Obama would be Larry Summers. Under Romney, it's Glenn Hubbard, who has described Bernanke as "a model technocrat" who deserves a 3rd term. That would seem to disqualify Mr. Hubbard.
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That's like the DD buying someone shots and then leaving you at the bar.
No doubt Congress would give him some kind of medal for allowing them to avoid facing their responsibilities.
A stronger man would have resisted the temptation to step in and become the saviour. He could have held their feet to the fire, but did not. His lack of hubris will earn him a poor place when the history books are written on this era.
We owe him a debt. Since 2008 it has been a masterclass
P
Yes, it should. I assume Hubbard comes from that archipelago of technocrat factories known as the Ivy League.
Isn't that really a big part of what ails us?
How about selecting a name from one of the first 200 in the Boston phone book?
Remember when Alan Greenspan was the "National Treasure? If within 5 years, his QE results in massive inflation, then he should be villified and thrown out of the window for good measure otherwise if it somehow results in the economy going to promised land, then yes he should be given some kind of medal.
a) ben bernanke won't seek another term - (buyer in chief leaving)
b) bad earnings from a few companies
c) Romney and Obama making Romney look weak and clueless in last nights debate ???
(As a matter of fact, I don't believe Romney is serious about his comments on Bernanke and the Fed. He will proceed much the same as prior admins in Fed-assisted financial management.)
He would admit that his policies have failed, and that he doesn't, and the Fed board don't, understand what has happened, or what he or they are doing. He would suggest that the next Fed chairman be someone with fresh insight into the problems, rather than a tired old retread from mainstream macro economics, perhaps someone from outside economics altogether.
Perhaps he would joke that he doesn't want to be considered insane by Einstein's definition - he's already tried QE 3 times and each time it has failed.
And he would go back to academic obscurity to figure out how and why he could be so wrong, and where the errors in his theories, and thus in mainstream macro economics, are. That would be a real contribution.
C'mon Ben, man up!