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'''Ben Bernanke''' (bur-NAN-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 has been nominated by President Obama for a second seven-year term beginning in 2010.  Bernanke took control in early 2006 when the economy seemed to be booming, but it was in the last stages of a housing "bubble"--and the bubble burst in 2007-8.

'''Ben Bernanke''' (bur-NAN-kee) (b. 1953) is an American economist who is the current Chairman of the [[Federal Reserve]], one of the most powerful positions in the country.  A Republican, he was appointed by President [[George W. Bush]] to succeed [[Alan Greenspan]]. He has been nominated by President Obama for a second four-year term as chairman beginning in 2010.  Bernanke took control in early 2006 when the economy seemed to be booming, but it was in the last stages of a housing "bubble"--and the bubble burst in 2007-8. He has been praised widely for his aggressive efforts to combat the [[Financial Crisis of 2008]] and the resulting [[Recession of 2008]]. But he has also been blamed for regulatory failures that helped cause the crisis, and he helped engineer the wildly unpopular financial bailouts of giant banks and insurance companies. Wall Street reacted with near panic on rumors that he would not be reconfirmed in Jan. 2010, fearful that Obama might appoint someone much worse.

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 and a follower of conservative icon [[Milton Friedman]], 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]]. <ref>http://online.wsj.com/article/SB122455027730552509.html</ref>  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.<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> Barack Obama has nominated Ben Bernanke to a second term as chairman of the United States Federal Reserve. <ref>[http://www.bworld.com.ph/BW090109/content.php?id=146 One hand clapping for Ben Bernanke, Business World, August 31, 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> Barack Obama has nominated Ben Bernanke to a second term as chairman of the United States Federal Reserve. <ref>[http://www.bworld.com.ph/BW090109/content.php?id=146 One hand clapping for Ben Bernanke, Business World, August 31, 2009]</ref>

On December 1, 2009, the ''Foreign Policy Magazine'' has named Ben Bernanke one of 2009’s “Greatest Thinkers".

On December 1, 2009, the ''Foreign Policy Magazine'' has named Ben Bernanke one of 2009’s “Greatest Thinkers".  He was ''Time'' magazine "Person of the Year" for 2009.

==Career==

==Career==

Bernanke was born in [[Augusta, Georgia]], later moving to Dillon, South Carolina. He excelled academically, becoming class [[valedictorian]] at Dillon High School. His academic record and near perfect SAT scores led to his admission to [[Harvard]] as a member of the Class of 1975. After receiving his undergraduate degree, Bernanke chose to continue studying economics at [[MIT]] under the supervision of Professor Stanley Fischer. His PhD thesis, Long-term Commitments, Dynamic Optimization, and the Business Cycle<ref>Bernanke, Benjamin Shalom. [http://dspace.mit.edu/bitstream/handle/1721.1/29839/05915220.pdf;jsessionid=C904BA8087C31F4178A55E9428B84297?sequence=1 Long-term Commitments, Dynamic Optimization, and the Business Cycle]. MIT 1979.</ref>, was accepted in May 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.<ref>http://www.csmonitor.com/2005/1026/p01s01-usec.html</ref>

Bernanke was born in [[Augusta, Georgia]], later moving to Dillon, South Carolina. He excelled academically, becoming class [[valedictorian]] at Dillon High School. His academic record and near perfect SAT scores led to his admission to [[Harvard]] as a member of the Class of 1975. After receiving his undergraduate degree, Bernanke chose to continue studying economics at [[MIT]] under the supervision of Professor Stanley Fischer. His PhD thesis, "Long-term Commitments, Dynamic Optimization, and the Business Cycle"<ref>Bernanke, Benjamin Shalom. [http://dspace.mit.edu/bitstream/handle/1721.1/29839/05915220.pdf;jsessionid=C904BA8087C31F4178A55E9428B84297?sequence=1 Long-term Commitments, Dynamic Optimization, and the Business Cycle]. MIT 1979.</ref>, was accepted in May 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.<ref>http://www.csmonitor.com/2005/1026/p01s01-usec.html</ref>

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.

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.

In January 2009, hearings are held to discuss a second four-year term. Some in Congress, [[Barbara Boxer]] and [[Russ Feingold]], questions his handling of the recession and the [[Obama Administration]] is pressing for his speedy confirmation. Further throwing his leadership into question would be the lobbying done by disgraced liberal politicians, namely Senators Reid, Dodd, and Kerry, who support Bernanke. He will likely be confirmed with a number of Republicans casting their support. <ref>[http://www.foxnews.com/politics/2010/01/23/bernanke-supporters-save-job/ Bernanke Boasts Strong Supporters, but Can They Save His Job?, Fox News, January 23, 2010]</ref>

In January 2009, hearings are underway regarding a second four-year term. Some in Congress--on both the left and right--are taking out on him their anger at the financial crisis.

 

No mention so far of the growing number of politicians that have signed onto [[Ron Paul]]'s legislation to pry open and audit the Federal Reserve.

 

In June 2008, Bernanke attended an exclusive Bilderberg meeting in [[Virginia]] in violation of the [[Logan Act]]. <ref>[http://www.infowars.com/bilderberg-ben-bernanke-arrives-at-globalist-confab/ “Bilderberg Ben Bernanke” Arrives at Globalist Confab, InfoWars, June 7, 2008]</ref>

==External links==

==External links==

* [[Financial Crisis of 2008]]

* [[Financial Crisis of 2008]]

* [[Recession of 2008]]

* [[Recession of 2008]]

 

==References==

==References==

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