What Ben Bernanke Won't Say: It's Over Obama
Town Hall
John Ransom | Jul 17, 2013
On June 17, Barack Obama had one of his most awesome reality TV events of the year when he fired central bank chairman Ben Bernanke on PBS with liberal mope and host Charlie Rose moderating.
“He essentially fired Ben Bernanke on the spot and gave him a fairly tepid testimonial afterward,” said former Fed Governor Laurence Meyer, in an interview on CNBC the next day.
And the bankers have been in revolt ever since.
The government, meanwhile, has revised the economy’s performance downward. The newest do-over by government economists comes three months after they gave the economy one of the strongest readings since 2007.
“The economy grew at a 1.8% annual rate in the first quarter, the government reported Wednesday, well below previous estimates of 2.4% growth and missing forecasts,” reported USAToday.
Still, several voices that had been the strongest advocates for monetary stimulus have suddenly and inexplicably reversed course, saying that the limits of monetary policy to help the economy have been reached.
Left unsaid is that perhaps those limits were reached when Obama fired Bernanke.
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