A big story in
Bernanke is going out with America well on track to recovery. Yes, we’re still far from where we need to be on the jobs front. But Bernanke’s gutsy move to keep interest rates near zero is stimulating job-creating business loans and home ownership with little sign of dreaded inflation. Now America is even within reach of energy independence.
Inherited a mess
All this is a far cry from the popped housing bubble and federal spending excesses that Bernanke inherited. By
Sure, I’m a fiscal hawk, but first a pragmatist. Our nation’s economy was on life support and needed this tough medicine. Like a surge in war time, this massive infusion kept our economy from collapse so we could begin to wean
Bernanke’s effective service debunks the widely held belief that partisan political winds steer the economy. Bernanke was appointed by former President
Bernanke’s common sense and steady hand debunk another widely held myth that federal economists are ivory-tower eggheads out of touch with
Growing up in rural
Now it’s time to taper this approach to keep inflation in check. Bernanke knows that changing Fed policy is like turning around an aircraft carrier: You need a really wide arc. So he began talking about reducing the bond-buying by six months before starting to do so last month. This “steady as she goes” approach is giving his successor a seamless transition. While Yellen clearly has the ability and experience for this vital job, Bernanke’s wise leadership is giving her a much more stable economy to work with than he inherited.
Bernanke never blinked as he pursued his historic course that was as unpopular as it was successful. This bookish former professor fought off the alligators that were gnawing at our economic heels. Bernanke’s bond-buying bought us some precious time and set a great example for the finger-pointers about how to lead boldly.
Now it’s up to our
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