Bloomberg shows the investment community gaga for Gentle Ben in Bernanke Gets Top Marks as Investors Say Economy Is Past Worst:
Global investors give Federal Reserve Chairman Ben S. Bernanke top marks for combating the worst financial crisis since the Great Depression and overwhelmingly favor his reappointment amid optimism that the world economy is on the mend.
Sixty-one percent of investors surveyed in the first Quarterly Bloomberg Global Poll say the world economy is stable or improving and almost 75 percent take a favorable view of the 55-year-old chairman. By almost a three-to-one margin, they say Bernanke has earned another four-year term when his current one expires in January. . .
“The U.S. economy may be ailing,” said Selzer. “But these financial leaders agree the man at the helm of the economy is the right guy for the job, for now and for another term.”
Absent from any discussion in the article is the faint possibility that BB bears most of the blame for the financial meltdown. When he took over as Fed Chairman, the economy was strong. Strong regulatory action and pressure on Congress and the President/Sec'y of Treasury (overt and behind-the-scenes) could have led to actions that would likely have averted the whole disaster.
This article looks ridiculous on its face. It is a disgrace. The doctor had a healthy patient with risk factors for a heart attack when he took over the patient's care. He prescribed no statin, did not treat the diabetes, did not counsel weight reduction or smoking cessation, and then when the patient had warning symptoms of a myocardial infarction, he said it was only heartburn and did not have the necessary angiogram done. Ben Bernanke is a doctor who is guilty of serial malpractice and bears primary responsibility for the worst economic and financial collapse since the Great Depression.
This is what happens when an academic economist who is not a banker gets in over his head. Bring back William McChesney Martin!
Copyright (C) Long Lake LLC 2009