I have long thought that the Federal Reserve Chairman has been getting a bum rap at the hands of many Republicans. I am glad to see that Steve Chapman agrees, and gladder still to see that he has risen to Bernanke’s defense.
If Republicans want to be taken seriously on the issue of economic policy, they will do well to heed Chapman’s warning that Bernanke-bashing is not a campaign grounded in reality. Unfortunately, Republicans appear to have generally decided to leave the issue of monetary policy to the likes of Ron Paul, who roused the Fed/Bernanke-bashers, and made Fed/Bernanke-bashing popular. This may make for great short-term electoral politics, but it will make for awful policy if unchecked.