Bernanke seems to be popular with the
administration and with Wall Street, and with good reason. His lending
policies have left big banks flush with newly created cash that covers
up old mistakes and allows for new ones. By
buying up mountains of Treasury debt he has also enabled spending to
soar to ridiculous levels that should startle any responsible
economist, and scare any American concerned about the value of the
dollar. However, these highly sensitive decisions about our money are
not made by economists, they are made by politicians. Bernanke, like
most of his predecessors, is the politician’s best friend.
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