Even By Keynesian Standards, Ben Bernanke Has Been A Dreadful Failure

Fed Chair Ben Bernanke Holds News Conference

In a Forbes piece written immediately following the present Fed chairman’s appointment by President Bush in January 2006, I asked: “Is Ben Bernanke a Conservative?” My conclusion was no.

Why was this question being asked? At the time, Bernanke’s views were still obscure. One had to read between the lines of academic articles and a few speeches. Liberal commentator Michael Tomasky expressed the conventional wisdom in describing Bernanke as “a typical moderate-to-conservative Republican.”

Still there were enough red flags. Why, for example, were Senators Schumer and Kerry so vocally enthusiastic about this Bush appointment? Could it be that liberal Democrats were getting their “dream” Fed chairman?

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