Dec

10

Caroline Baum on Bernanke's performance:

What's so troubling about the Sunday interview is that it wasn't Bernanke, the media-shy economist, talking. It was a politician attempting to bolster confidence in his constituents and support for his policies. That's not an ideal character trait for a central banker at a time when official interest rates, already close to zero, can only go up. The opposition from Congress to any rate increase will be intense, especially when the Fed will have to embark on its journey to normalize rates well before the unemployment rate falls to an acceptable level.


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