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Ben Bernanke has told close friends he probably will not stand for another term at the Fed even...

Ben 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.
Comments (20)
  • So you load us up on debt and then peace out?


    That's like the DD buying someone shots and then leaving you at the bar.
    23 Oct 2012, 08:34 AM Reply Like
  • that is an excellent analogy. I could see "Helicopter Ben" pulling that stunt.
    23 Oct 2012, 09:50 AM Reply Like
  • It's better to quit before you get fired.
    23 Oct 2012, 08:38 AM Reply Like
  • Bernanke deserves the Medal of Freedom
    23 Oct 2012, 08:40 AM Reply Like
  • For what? Artificially propping up the market? Destroying the earnings of fixed-income investors? Destroying the dollar? Yes, let's give him a medal.
    23 Oct 2012, 10:23 AM Reply Like
  • Pretty sure it was a joke, bro.
    23 Oct 2012, 10:52 AM Reply Like
  • No joke....I don't think Bro is joking at all.
    23 Oct 2012, 11:02 AM Reply Like
  • Well that is simply one of the most ludicrous things I have heard in the last couple days. And the debate was even on last night!
    23 Oct 2012, 11:20 AM Reply Like
  • Correct..I am not...
    23 Oct 2012, 11:38 AM Reply Like
  • For facilitating the Congress to be irresponsible and non-functional during a time of severe economic stress.


    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.
    23 Oct 2012, 11:45 AM Reply Like
  • Agreed. The only responsible adult in DC
    We owe him a debt. Since 2008 it has been a masterclass


    23 Oct 2012, 02:00 PM Reply Like
  • "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."


    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?
    23 Oct 2012, 09:11 AM Reply Like
  • Bernanke has "staved off" massive inflation, which we will still feel, just over a longer period and less like getting pistol whipped.
    23 Oct 2012, 09:26 AM Reply Like
  • You mean he prevented massive deflation?
    23 Oct 2012, 11:03 AM Reply Like
  • Bernanke has earned the right to be judged by history and that's about it.


    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.
    23 Oct 2012, 09:48 AM Reply Like
  • is market reacting to
    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 ???
    23 Oct 2012, 09:54 AM Reply Like
  • Earnings. It's all about earnings, and they're all "bad" so everyone wants to sell all the stocks they bought 2 weeks ago at a loss and buy -5% yielding Treasuries instead. Some people just aren't happy unless they're losing money. Rumours about Bernanke's future are basically irrelevant because neither the outcome of the election nor the next president's appointment will change Fed policy one iota. All central bankers come from central casting.
    23 Oct 2012, 02:25 PM Reply Like
  • Those supporting the Bernank have a special interest reason for doing so. Everyone else is wondering when the centrally planned financial repression will end.


    (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.)
    23 Oct 2012, 03:12 PM Reply Like
  • Thank the heavens!
    23 Oct 2012, 04:13 PM Reply Like
  • If Bernanke had any intellectual integrity, he would announce that he is resigning, effective in the first quarter of next year, as soon as the new administration is in place and can nominate someone to replace him.


    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!
    23 Oct 2012, 04:35 PM Reply Like
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