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On Monday evening, President Obama said in an interview, "Well, I think Ben Bernanke's done an outstanding job. Ben Bernanke's a little bit like Bob Mueller, the head of the FBI - where he's already stayed a lot longer than he wanted or he was supposed to."
That raised some eyebrows and really turned up the volume on the conversation on Tuesday regarding potential successors to replace Bernanke when his term as Chairman of the Federal Reserve expires in January.
In an interview with CNBC, former Fed Governor Larry Meyer said Obama "basically fired Ben Bernanke on the spot."
FORMER FED GOVERNOR: Obama 'Basically Fired Ben Bernanke On The Spot'
Larry Meyer: Obama Fired Bernanke - Business Insider
If he's out, who's next? What's in store for the short run?
FORMER FED GOVERNOR: Obama 'Basically Fired Ben Bernanke On The Spot'
Larry Meyer: Obama Fired Bernanke - Business Insider
If he's out, who's next? What's in store for the short run?
The bankers will get together and "help" Opuppet choosing the next wellspring of cash. Somebody tame who can print up their bonuses, lend them a fortune and let them make commissions a'plenty.
When Obama hired Bernanke and Geithner, my heart turned to ice. I voted for Obama to get these Bush-wackers out and instead he embraced them.
You can't fire the chairman of the federal reserve for policy reasons , I don't think. His tenure doesn't end until January 2014.
You don't inspire a lot of confidence.
I'm sure that Obama asked for his resignation he would get it.
Well he's out eventually but poor Ben Bernake.
He should have known better than to take the FED Chairman position under this President.
Because while Obama's on his " Hands accross Africa trip" and exponentially increasing the scope of the Patriot Act and exponentially increasing the size of our debt, he's basically left it up to Bernake to turn his economy around.
With monetary policy no less. Well ofcourse it hasn't worked, it has only made the economy and the dollar weaker and unstable and now Obama has someone else to blame for his incompetence.
Ben should have known it was a unwinable situation.
Its hard to believe a man with his intrinsic intelligence fell for the plattitudes and bumper sticker slogans that defined this President in 2008.
I do not think that bernanke did this for partisan reasons. He worked on the
bailout of AIG when Bush was in office and has done all the QE because he felt that the government was not doing what needed to be done to keep the economy afloat. It may well turn out that the policies do not work, but I consider him a hero who put his personal reputation and all the grief he absorbed from an ungrateful congress and the public.
Bailout of AIG ??
Attributing the sub-prime collapse to Bush is the belief of a false narrative ginned up after the collapse by dishonest partisans.
AIG was tied to the Collapse via Credit Default Swaps, the Trillions in toxic low quality loans had to be collateralized per Govt regulation.
Low quality, sub-prime, Alt-a, Nina loans all had their beginings in the 90s, and became a toxic systemic part of our Nations economy when Clintons 1995 National HomeOwners Strategy lowered Capital requirements for Fannie and Freddie from 10% to 3%.
Ben Bernake's is on his third round of QE because the first two didn't work, and niether will the third.
Arbitrarily pumping massive liquidity into the financial markets with out specific attention payed to the actual underlying issue is one of the most destructive things that Bernake could be doing right now.
It means Obama's entire economy is based on printing and borrowing, trillions in debt, trillions in pumping.
Its based on a lie.
I don't think I blamed Bush for anything. He was in office when the music stopped and the bubble burst. Was just saying that Bernanke did what he thought had to be done regardless of who is in power.
I do not necessarily agree with rounds 2 and 3 of QE. That being said it has done more to stabilize the economy than anything any of the politicians have done.
AIG is a lot more than a company that wrote a ton of derivatives that they could not back up when the bubble burst. It is also the largest insurer in the world. If they let them fail Lehman would have looked like a minor event.
The Fed I really think wants to be non-partisan. Not every decision they make is going to be perfect. People will look back in twenty years and I think will look favorably on the extraordinary actions the Fed took. Without their actions I believe we would have had a real depression.
Perhaps you think that saving the Obama administration from reigning over a depression is OK as it would make him look bad. But you have to think about what that would have meant to the country, with countless millions of Americans in worse shape than they are now in.
I do not think that bernanke did this for partisan reasons. He worked on the bailout of AIG when Bush was in office and has done all the QE because he felt that the government was not doing what needed to be done to keep the economy afloat. It may well turn out that the policies do not work, but I consider him a hero who put his personal reputation and all the grief he absorbed from an ungrateful congress and the public.
what about Paul krugman, he would be a great choice...for a train wreck.
You didn't, but it's the typical MO for allot of these posters when trying to justify Obama's incompetence.
If he's out, who's next? What's in store for the short run?
Obamaphobia: you're soaking in it.
Meantime, Bernanke still is in office. He hasn't been fired at all. Funny that.
It is common knowledge that Bernanke wants to retire soon.
When he does, it is pretty obvious who will replace him - Janet Yellen, who is currently the Vice Chairman of the Fed.
She was nominated by Obama - the Prez nominates both the Chairman and the Vice Chairman - so he clearly likes her.
And she is a HUGE supporter of Fed intervention.
She will, imo, make Bernanke look almost like an Austrian schooler.
Will Janet Yellen, a Woman and a Keynesian, Succeed Ben Bernanke at the Fed? : The New Yorker
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