Big Ben- The Savior of Profit?
Nassim Taleb, the author of The Black Swan, and Stern professor Nouriel Roubini are two people I admire a great deal. Recently they have proffered compelling arguments on either side of the debate on if the Chairman of the Federal Reserve, Ben Bernanke deserves to be reappointed. Both Roubini’s Op-ed andTaleb’s CNBC video provide some interesting insight into the reappointment cast against the backdrop of the current financial crisis.
I am on the fence with this issue. Both scholars make some great arguments, but the decision will come down to what the administration feels is the role of the Fed and whether or not its charter should be expanded. Is the role of the Fed just to control rates and make policy, or is the buying back of debt and bailing out companies going to be added to its charter? In short, Did Bernanke intervene because it was part of his job description (that he was expected to be ready for) or was it an emergency learn-as-you-go type of situation which he tried to make the best of? Depending on the view the government takes the Chairman should be shown either the deepest gratitude or the back door! I am keen to see how this plays out.
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