Friday, February 15, 2008

There's, you know, a new chair of the Federal Reserve, folks

His name is Ben Bernanke. Whether it's because of being too lazy to update their PDAs and Rolodexes or just not giving a damn somehow Allen Greenspan has continued his tenure as a supposed sage of the economy although he's long been replaced. Greenspan, by the way, was a disciple of Ayn Rand who in his time in office as chair of the Federal Reserve referred to new government regulation of financial institutions as 'collectivism', a favorite epithet by Rand-oids referring to anything that may interfere with their ability to make wheelbarrows full of money. No one else but people who follow Rand and far right free market economists use the word 'collectivism' in the way that Allen Greenspan did.

According to ye old Wikipedia Bernanke has been in office for over two years. Yet how many articles with Bernanke's name in the headline have you seen as opposed to ones citing Greenspan?

From Wikipedia:

"Ben Shalom Bernanke is an American economist and current Chairman of the Board of Governors of the United States Federal Reserve. He was previously Chairman of the U.S. President's Council of Economic Advisers (CEA), and member of the Board of Governors of the Federal Reserve System. On October 24, 2005, President George W. Bush appointed Bernanke to succeed Alan Greenspan as Chairman of the Federal Reserve. Bernanke was sworn in on February 1, 2006 after the Senate's confirmation by a voice vote on January 31, 2006."

I took an economics class that used Bernanke's intro Microeconomics text, and he appeared to be a lot less rabid about pure free market economics than Greenspan is.

Yet I know how it is, you hate updating your list of telephone numbers. Sometimes, crossing out a name and putting another one in is too much of a hassle, although it shouldn't be too hard to call up the Federal Reserve, tell them you're from CNN, and ask if you could schedule a time to talk with Mr. Bernanke.

Again, you have to ask yourself: are they lazy or just stupid?

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