Why Bernanke Should Not Be Re-Appointed

In testimony before Congress, Ben Bernanke talked about the dual mandate [of the Fed], which is growth and inflation.

Of course, anyone who knows anything about the Federal reserve knows that this answer is only ½ true. The actual mandate is to control inflation and minimize unemployment.

Given that he has been Fed Chairman for 4 years, and that he has been on the Fed for 8 years, he knows this, and he also knows therefore that growth does not necessarily mean low unemployment (see Recovery, Jobless).

He made this statement, along with talking down more fiscal stimulus and likening social security to bank robbery, which are well outside of the purview of the Federal Reserve.

It's pretty clear that Ben Bernanke does not give a damn about employment, or the social safety net, except to the degree that it influences Wall Street profits, and he's the wrong man for the job.

I would also note, as I have before, the "rock star" Fed Chair is a bad thing, both for democracy, bad for the economy.