Four More Years

by Pejman Yousefzadeh on August 26, 2009

I applaud Ben Bernanke’s reappointment as Chairman of the Federal Reserve. I think that he did a tremendous job in dealing with the economic crisis that occurred on his watch. I still have lots of problems with the moral hazard issues that attend the large bailouts that the Fed spearheaded, but I recognize the Friedmanite utility of those bailouts, and I have come around to the conclusion that they were necessary. They were certainly more desirable than TARP and the stimulus package, neither of which have done nearly as much as the Fed bailouts and augmented Fed spending have done in order to save the financial sector, and jump start the economy. Kudos to President Obama for having reappointed Bernanke; the President picked the right person for the job.

That having been written, I will add that I am glad to link to a report concerning the Bernanke reappointment that does not do what the Obama Administration clearly wished it would do; which is to use the Bernanke reappointment to bury the lede concerning the bad economic news released by the Administration in its midsession review.

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