Bernanke's legacy will take time to become clear

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  • marxist Salt Lake City, UT
    Feb. 1, 2014 11:50 p.m.

    RE: Sey "The Fed is forced to keep interest rates near zero and to prop up zombie businesses." Exactly so. What would things be like of the Fed weren't doing to propping? Answer: we would be in depression. Capitalism is rough shape these days. Only desperate measures by government keep it going. This can't go on forever. What then?

  • JimInSLC Salt Lake City, UT
    Feb. 1, 2014 10:42 p.m.

    A couple more years and we will see the fruits of Bernanke's Quantitative Easing (money printing). We are in a situation where the FED cannot stop printing money or everything collapses, the only alternative is to continue printing money until it does collapse. It is just a matter of time.

  • Twin Lights Louisville, KY
    Feb. 1, 2014 6:21 p.m.

    I think few folks are pure Keynesians today. I certainly am not.

    But was Bernanke brilliant? At this point, it sure seems like it.

  • SEY Sandy, UT
    Feb. 1, 2014 3:04 p.m.

    Milton Friedman was speaking for Republicans when he said, "We're all Keynesians now." That includes the DN editors, apparently. If you're a Keynesian, you probably think Bernanke has been absolutely brilliant. Non-Keynesians are not so impressed. In fact, from my perspective, he's been a disaster.

    He's a Keynesian on steroids. He has created a ticking time-bomb that, when it finally goes off, will make the Great Depression look like a minor recession. That's because it will impact the world-wide economy, not just the American economy. He's painted the Fed into a corner with no way out. The Fed is forced to keep interest rates near zero and to prop up zombie businesses. At some point in the not-too-distant future, I expect those tools to be rendered ineffective, leaving the Fed out of ammo. Then we're on our own with no lender of last resort. The strategy employed by the Fed has been unsustainable. Maybe Bernanke is thinking that Keynes was right about one thing: in the long run, we're all dead.

  • marxist Salt Lake City, UT
    Feb. 1, 2014 12:07 p.m.

    "...Whatever the institution’s failings, or Bernanke’s, few can deny that the Federal Reserve provides a strong institutional ballast against the inherent fluctuations of a market economy."

    Your view is a pleasant surprise.

  • There You Go Again Saint George, UT
    Feb. 1, 2014 10:56 a.m.

    Bernanke's legacy?

    It's interesting to note how much a legacy improves with the ability for one to hire sympathetic authors who will put enough political/historical lipstick on anyone...for a price...of attempt to salvage a persons legacy.

  • Hutterite American Fork, UT
    Feb. 1, 2014 10:36 a.m.

    Bernanke's legacy? Stylin' for bald guys.