Skip to main content

The Fed Chairman originally appointed by W Bush, Bernanke,  now competes against Pres Obama for causing recent increases in private sector employment.

in a major economic speech today at the Federal Reserve Bank of Kansas City Economic Symposium in Jackson Hole, Wyoming, Fed Chairman Bernanke claimed Fed policies (under his leadership)  increased private sector employment by 2 million jobs.   The full text of the speech can be read at

http://www.federalreserve.gov/...

In the speech Fed Chairman Bernanke said:

For example, a study using the Board's FRB/US model of the economy found that, as of 2012, the first two rounds of LSAPs may have raised the level of output by almost 3 percent and increased private payroll employment by more than 2 million jobs, relative to what otherwise would have occurred
The above was not from answering a question, it is in the prepared speech, so Bernanke fully intended to say these exact words.  In the speech, Bernanke does not give any credit to President Obama or his policies for employment gains even as a side comment.

Some financial commentators have already picked this up, so we should expect broader media sources to start picking this up.

Democrats should expect Republicans to use Bernanke's words against President Obama, by saying something like "the limited private sector increases in employment had nothing to do with Pres Obama's stimulus, tax and his other policies but any credit for government action goes to the Fed and Bernanke."

While the Fed and its Chairman are suppose to be non-political, that does not mean they are non-political.

Poll

If re-elected, should Pres Obama re-appoint Bernanke?

26%13 votes
22%11 votes
52%26 votes

| 50 votes | Vote | Results

EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site