Jan 16 2008
Being Ben Bernanke
The New York Times has an interesting profile of Ben Bernanke. It details how he learned economics, how he rose to power and the problems he faces. Pretty critical actually. Definitely worth a read: NYT STORY. Got to love the NYT photography too.
The Story compares Big Ben to former chairman Arthur Burns, who served under Nixon: Perhaps the last Fed chief to face such a difficult one-two punch of inflation and slowing growth was Arthur Burns, who was also the last academic to hold the job. President Richard Nixon, concerned that high unemployment could cost him re-election in 1972, told Burns to concentrate on revving up the economy. “No one ever lost an election on account of inflation,” Nixon confidently told him. Burns did as he was directed. An eventual result was runaway inflation and, for Burns, a legacy of failure.
Not particularly complimentary of academics!
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[…] Reserve Chairman Ben Bernanke told Congress today that he was in favor of President Bush’s Economic stimulus […]