Bernanke and Powell: A Lot of Finger-Pointing but No Self-Reflection
Federal Reserve Chairman Jerome Powell and former chair Ben Bernanke recently fielded questions together at the annual Thomas Laubach Research Conference put on by the central bank. They engaged in a lot of finger-pointing but didn’t offer a hint of self-reflection as they discussed inflation and the state of the economy.
Powell and Bernanke both garner immense respect. People just assume they must have a deep understanding of economics and monetary policy to get a job heading up the Fed. But in reality, the reason they rose to that position has more to do with political connections than economic competency.