Difference between revisions of "Ben Bernanke"
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'''Ben Bernanke''' (bur-NANG'-kee) (b. 1953) is an American economist who is the current Chairman of the [[Federal Reserve]], nominated by President [[George W. Bush]] to succeed [[Alan Greenspan]]. He took control in Feb. 2006. At first, Bernanke was widely perceived as having less power over [[Wall Street]] than Greenspan even after Greenspan's retirement, but Bernanke is starting to come into his own and to have more influence. <ref>[http://www.venturacountystar.com/news/2007/jul/05/bernanke-starts-to-shed-greenspans-shadow Ventura County Star: Bernanke starts to shed Greenspan's shadow]</ref> | '''Ben Bernanke''' (bur-NANG'-kee) (b. 1953) is an American economist who is the current Chairman of the [[Federal Reserve]], nominated by President [[George W. Bush]] to succeed [[Alan Greenspan]]. He took control in Feb. 2006. At first, Bernanke was widely perceived as having less power over [[Wall Street]] than Greenspan even after Greenspan's retirement, but Bernanke is starting to come into his own and to have more influence. <ref>[http://www.venturacountystar.com/news/2007/jul/05/bernanke-starts-to-shed-greenspans-shadow Ventura County Star: Bernanke starts to shed Greenspan's shadow]</ref> | ||
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Bernanke played a major role, along with Treasury Secretary [[Henry Paulson]] in forging a vast, extremely expensive response to the [[Financial Crisis of 2008]]. The Fed and Treasury commitments exceeded $1 trillion in direct aid and over $6 trillion in loan guarantees as stock prices returned to 2003 levels. Bernanke, an expert on the Great Depression of 1929, was intervening aggressively to prevent a repeat of that disaster. | Bernanke played a major role, along with Treasury Secretary [[Henry Paulson]] in forging a vast, extremely expensive response to the [[Financial Crisis of 2008]]. The Fed and Treasury commitments exceeded $1 trillion in direct aid and over $6 trillion in loan guarantees as stock prices returned to 2003 levels. Bernanke, an expert on the Great Depression of 1929, was intervening aggressively to prevent a repeat of that disaster. | ||
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| − | In August 2009, economists--most of them conservatives--on the ''Wall Street Journal'' panel are nearly unanimous that Bernanke should be reappointed to another term as chairman. The majority of these economists said the [[Recession of 2008]] is now over. Battling the downturn defined most of Mr. Bernanke's term, which began in early 2006 and expires in January 2010, and economists say his handling of the crisis has earned him four more years as Fed chief.<ref> See [http://online.wsj.com/article/SB124993702311020493.html?mod=djemalertNEWS Phil Izzo, "Economists Call for Bernanke to Stay, Say Recession Is Over," ''Wall Street Journal'' Aug. 11, 2009]</ref> | + | In August 2009, economists--most of them conservatives--on the ''Wall Street Journal'' panel are nearly unanimous that Bernanke should be reappointed to another term as chairman. The majority of these economists said the [[Recession of 2008]] is now over. Battling the downturn defined most of Mr. Bernanke's term, which began in early 2006 and expires in January 2010, and economists say his handling of the crisis has earned him four more years as Fed chief. A slow initial response to the credit squeeze and the decision to let Lehman Brothers fail were cited as the biggest errors.<ref> See [http://online.wsj.com/article/SB124993702311020493.html?mod=djemalertNEWS Phil Izzo, "Economists Call for Bernanke to Stay, Say Recession Is Over," ''Wall Street Journal'' Aug. 11, 2009]</ref> |
| − | == | + | ==Career== |
| + | Bernanke was born in [[Augusta, Georgia]]. He has a BA in economics from [[Harvard]] (1975) and a PhD in economics from [[MIT]] (1979). He has taught at [[Stanford]], New York University (NYU), and [[Princeton University|Princeton]]. Dr. Bernanke joined the Federal Reserve Board of Governors in 2002. Dr. Bernanke and his wife, Anna, have two children. | ||
| − | + | Bernanke is a Republican and was appointed to the Federal Reserve Board, and elevated to Chairman, by Republican President, [[George W. Bush]]; he was confirmed by the Senate in 2006. | |
==External links== | ==External links== | ||
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==See also== | ==See also== | ||
* [[Financial Crisis of 2008]] | * [[Financial Crisis of 2008]] | ||
| + | * [[recesssion of 2008]] | ||
==References== | ==References== | ||
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[[Category:Economists]] | [[Category:Economists]] | ||
| + | [[Category:Obama Presidency]] | ||
| + | [[Category:Reagan Era]] | ||
Revision as of 02:09, August 12, 2009
Ben Bernanke (bur-NANG'-kee) (b. 1953) is an American economist who is the current Chairman of the Federal Reserve, nominated by President George W. Bush to succeed Alan Greenspan. He took control in Feb. 2006. At first, Bernanke was widely perceived as having less power over Wall Street than Greenspan even after Greenspan's retirement, but Bernanke is starting to come into his own and to have more influence. [1]
Bernanke played a major role, along with Treasury Secretary Henry Paulson in forging a vast, extremely expensive response to the Financial Crisis of 2008. The Fed and Treasury commitments exceeded $1 trillion in direct aid and over $6 trillion in loan guarantees as stock prices returned to 2003 levels. Bernanke, an expert on the Great Depression of 1929, was intervening aggressively to prevent a repeat of that disaster.
In October Bernanke endorsed an eventual stimulus program that gave support to the the proposed spending plans of Barack Obama.[2] Bernanke's term extends to early 2010.
In August 2009, economists--most of them conservatives--on the Wall Street Journal panel are nearly unanimous that Bernanke should be reappointed to another term as chairman. The majority of these economists said the Recession of 2008 is now over. Battling the downturn defined most of Mr. Bernanke's term, which began in early 2006 and expires in January 2010, and economists say his handling of the crisis has earned him four more years as Fed chief. A slow initial response to the credit squeeze and the decision to let Lehman Brothers fail were cited as the biggest errors.[3]
Career
Bernanke was born in Augusta, Georgia. He has a BA in economics from Harvard (1975) and a PhD in economics from MIT (1979). He has taught at Stanford, New York University (NYU), and Princeton. Dr. Bernanke joined the Federal Reserve Board of Governors in 2002. Dr. Bernanke and his wife, Anna, have two children.
Bernanke is a Republican and was appointed to the Federal Reserve Board, and elevated to Chairman, by Republican President, George W. Bush; he was confirmed by the Senate in 2006.