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| − | '''Ben Bernanke''' (born 1953) is a [[Jewish]]-American [[Keynesian]] [[liberal]] | + | '''Ben Bernanke''' (born 1953) is a [[globalism|globalist]] who was Chairman of the [[Federal Reserve]] from 2006 to 2014, and was awarded the [[Nobel Prize]] for [[economics]] in 2022 for, in essence, bailing out the big banks during the 2008 financial crisis. |
| − | [[economist]] who from 2006 to 2014 was Chairman of the [[Federal Reserve]], one of the most powerful positions in the country. He was replaced by [[Janet Yellen]]. 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 by [[liberals]] and moderates widely for his aggressive efforts to combat the [[Financial Crisis of 2008]] and the resulting [[Recession of 2008]]. However, proponents of [[free market]] capitalism said Bernanke should not have bailed out failing firms and instead should have allowed free market capitalism to quickly recover as it did in the depression of 1920 without government intervention (free market capitalists assert that government intervention drags out economic recessions and depressions).<ref>https://www.youtube.com/watch?v=zzTXaAXusiI</ref><ref>https://www.youtube.com/watch?v=czcUmnsprQI</ref> A 2005 study found that government corporate bailouts are often done for mere political considerations and the economic resources allocated exhibit significantly worse economic performance than resources allocated using purely business considerations.<ref>http://papers.ssrn.com/sol3/papers.cfm?abstract_id=676905</ref> In addition, 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. In February 2010, concerning the [[Obama administration]]'s [[monetary policy]], the world renowned investor Jim Rogers said that the [[European Union]], [[China|Chinese]], and [[Australia]]n central bankers are more competent and honest than the [[Federal Reserve]] and that Federal Reserve Chairman Ben Bernanke is "throwing gasoline on a fire" via his [[inflation]]ary policies which are debasing the United States dollar.<ref>https://www.youtube.com/watch?v=zzTXaAXusiI</ref>
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| | + | A [[Keynesian]] [[liberal]] [[economist]] who supports [[deficit]]s, he was appointed by President [[George W. Bush]] to succeed [[Alan Greenspan]], and reappointed by President Obama for a second four-year term as chairman beginning in 2010. Bernanke was succeeded by [[Janet Yellen]]. |
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| | + | A Republican having a [[Jewish]] background, 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 by [[liberals]] and moderates widely for his aggressive efforts to combat the [[Financial Crisis of 2008]] and the resulting [[Recession of 2008]]. However, proponents of [[free market]] capitalism said Bernanke should not have bailed out failing firms and instead should have allowed free market capitalism to quickly recover as it did in the depression of 1920 without government intervention (free market capitalists assert that government intervention drags out economic recessions and depressions).<ref>https://www.youtube.com/watch?v=zzTXaAXusiI</ref><ref>https://www.youtube.com/watch?v=czcUmnsprQI</ref> A 2005 study found that government corporate bailouts are often done for mere political considerations and the economic resources allocated exhibit significantly worse economic performance than resources allocated using purely business considerations.<ref>http://papers.ssrn.com/sol3/papers.cfm?abstract_id=676905</ref> In addition, 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. In February 2010, concerning the [[Obama administration]]'s [[monetary policy]], the world renowned investor Jim Rogers said that the [[European Union]], [[China|Chinese]], and [[Australia]]n central bankers are more competent and honest than the [[Federal Reserve]] and that Federal Reserve Chairman Ben Bernanke is "throwing gasoline on a fire" via his [[inflation]]ary policies which are debasing the United States dollar.<ref>https://www.youtube.com/watch?v=zzTXaAXusiI</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 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. |