Political Quotes

“the first point the Wall Street Journal editorial highlights dealing with Chairman Bernanke's overt political activities states: Whether or not Mr. Bernanke is confirmed, the lesson we draw-- This is the Journal editorial staff-- is that overly political Central bankers will eventually be undone by politics. They always are. The Wall Street Journal goes on to conclude: Our own view is that Mr. Bernanke is already far too susceptible to political pressure. As a Fed governor, he was Alan Greenspan's intellectual copilot last decade when their easy money policies created the housing mania. On Mr. Bernanke's loose money record, the Journal noted in these editorials: Mr. Bernanke was the intellectual architect of the decision to keep monetary policy exceptionally easy for far too long . . . He imagined a deflation that never occurred, ignored the asset bubbles in commodities and housing, dismissed concerns about dollar weakness and in the process, stoked the credit mania that led us to where we are today in the financial panic. Finally, the Wall Street Journal points out in regard to Chairman Bernanke: The Fed Chairman has shown he knows how to ease money . . . But, that is the easy part of his job. The hard part, the time when Central bankers earn their fame, is when they have to take the money away.”