Ben Bernanke has become a scapegoat for the economic crisis, but he shouldn't take the rap for the financial and now economic disaster. Bernanke, as Fed Chairman, wasn't the one packaging crap derivatives and peddling them off to retirement funds as AAA, when they were anything but. Sure, he was in charge of a lot of financial regulation as Fed Chairman, but that doesn't mean much when a lot of the regulatory system has been gutted. A lot of people in the financial industry are saying Bernanke shouldn't be reappointed because he let the Federal Reserve be used as an off balance sheet entity for the Treasury, and that by doing this, he greatly exceeded his responsibilities. OK, but I would ask, what choice did he really have? The extent of the damage happening in the credit markets was so massive that unless somebody had stepped in and provided trillions of dollars of backstop, the entire credit system would have crumbled, and in fact, it almost did even with extraordinary government help.
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