Ben S. Bernanke arrived at the Brookings Institution to begin the next chapter in his professional life, the first workday after ending an eight-year term leading the Federal Reserve through crisis and recession.
When President George W. Bush was considering candidates to be chairman of the Federal Reserve in the autumn of 2005, the rap on Ben Bernanke, a brilliant economist, was that he had never faced a crisis, might be too soft for a challenge and wasn’t politically astute.
Stan Collender, a partner and national director of financial communications at Qorvis Communications LLC, told his old friend David Wessel that if he ever wrote a book about the national budget, Collender would host the book party.
Over the past four years, the Federal Reserve has become the most important branch of government. It has acquired unprecedented powers over almost all aspects of American life. It has also become much more politicized than at any time in living memory. Expect further attacks on its independence and integrity at election time. The spirit of Andrew Jackson lives on.