I have had some complaints about writing that I “like” Bernanke and Obama. That is telling of how divisive today’s financial and political climates are. I did not write ‘I like the jobs they have done’, after all. I have not “liked” the job a Fed chief or President have done since I can remember. It was wording in a post simply implying that I think they are probably nice men. Sheesh… it would help if some people would actually make the effort to pick up on nuance. It’s a post answering the assertions of a former Fed chief destined to see the annals of history one day revoke his “Hero” status.
I have always liked Ben Bernanke, in that I think he is a soft-spoken, nice guy who took the hand off from Alan Greenspan in stride, heroically making chicken soup out of the chicken excrement he was left with. He kept his dignity and calm demeanor during the days when inflationist gold bugs codified the term “Helicopter Ben” and turned it into just another accepted way of saying “Ben Bernanke”.
Mr. Bernanke met the impossible challenges left him by the Greenspan Fed and the Bush White House, and being a scholar of the Great Depression and an intellectual Keynesian, did what he was always meant to do. He employed tried and true Central Bank policy-making against a natural bust (i.e. reaction to Greenspan’s policy-induced 2003-2007 inflationary boom) of the system.