Ben Bernanke debuted his new gig today, that of a writer on the “Ben Bernanke Blog”. Though he is not in charge of the Fed anymore, nevertheless he proved that he is still trying to stay relevant by continuing to be an old shill for the President.
The most ridiculous point Bernanke tried to defend was the strategy of keeping “rates low to encourage borrowing and spending and strengthen their economies.” But as Fed Chairman he knew that companies really weren’t borrowing at all and that banks were simultaneously reluctant to lend. However it was not because of the down economy — as he would have you think — but of other meddling, mitigating factors like stifling regulations, Dodd-Frank, unrelenting business bashing by President, and the constant threat of higher taxes. And because these circumstances are still widely pervasive, we have yet to see any real economic recovery.
The fact of the matter is during his tenure as the Fed Chairman, Ben Bernanke remained absolutely silent about the egregious anti-business environment. He was (and continues to be) a mouthpiece for this Administration instead of as a leader of an independent Fed.