It looks like Ben Bernanke is getting under the Wall Street Journal's skin. That's because Rupert's Rag is not happy with the direction of its candidate for President. And it is annoyed that a Republican appointee, Ben Bernanke, is helping out the Democratic candidate -- Barack Obama. That's what prompted the Journal's headline -- Bernanke endorses Obama.
Oh poor Wall Street Journal! Is this the best you can do? Why does it bother you so much that Ben Bernanke is supporting Obama's call for a new stimulus package? In an October 13th speech, Obama "urged Congress to act 'as soon as possible' before the Bush administration leaves office on January 20 to pass a stimulus measure. If Congress and the president didn't act 'it will be one of the first things I do as president of the United States.'" says Bloomberg News.
But Rupert's Rag is in the tank for McCain and although Obama is already setting U.S. policy on big issues -- a few months ago, Iraq and Bush agreed with Obama's Iraq withdrawal plan -- the Journal is upset that Bernanke and ultimately Bush will go along with Obama's proposed stimulus plan as well. First Colin Powell, and now Ben Bernanke are reading the tea leaves and choosing to position themselves for power in the next administration.
And the Journal is finally waking up to the fact that it will be on the outs for at least the next four years.
Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter.
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Reader Comments (Page 1 of 1)
10-21-2008 @ 12:07PM
RJ said...
Poor Ben Bernanke, he waits decades for Greenspan to quit creating financial bubbles and leave, and just when he finally gets himself appointed the official monetary god of America, his tenure looks limited due to potential regime change. So like Powell, he's desperate for a govt job and wants to get invited to the new regime's cocktail parties, so he's blatantly getting in the tank for Obama.
The only problem is that the REAL financial god of America, the Chinese govt, is telling us they will no longer be willing to buy our govt debt if we keep borrowing like drunken sailors on the binge of a lifetime. Taking more "hair of the dog" with another "stimulus" package is not going to please the Chinese, who know their trillions of US govt debt are being debased.
So when the Chinese take away the punch bowl at the party, quit buying our debt, and interest rates soar, Bernanke is going to be stuck between a deep recession and printing currency at hyperinflationary rates. Neither of which is going to get him reappointed by the Obama regime, who puts politics above all and will appoint a leftist as head of the Fed to "spread the wealth around".
So Ben would be better served to get out of the tank, regain his personal integrity, and at least leave the Fed with a sound US monetary policy instead of a supersized Argentinian-style financial train wreck.