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Posted by: Michael Mandel on August 26
I’m a bit late to the party here, partly because I don’t view Bernanke’s reappointment as a particularly important economic event. The central bank did what it was supposed to—when faced with a burning financial crisis, throw liquidity at it until the crisis is under control. In that sense, Bernanke deserves a medal as a top firefighter. Other potential Fed Chairs might have done much worse.
However, just like firefighters don’t rebuild homes, the Fed has very little role in rebuilding the economy. I’m concerned about a whole range of economic issues—innovation, healthcare, manufacturing, trade, education, etc—and the Fed has very little do with any of these.
So from that perspective, the Bernanke reappointment is a bit of a distraction.
Michael Mandel, BW's award-winning chief economist, provides his unique perspective on the hot economic issues of the day. From globalization to the future of work to the ups and downs of the financial markets, Mandel-named 2006 economic journalist of the year by the World Leadership Forum-offers cutting edge analysis and commentary.