Bernanke’s made it clear he’s not going to seek a 3rd term as the Fed head, so how’s he done …
It is perhaps still too early to be passing judgments on his reign, but on one level it certainly doesn’t seem so bad, given the challenges faced. Bernanke has arguably done better than central bankers in Europe, Britain and Japan in terms of his crisis response. US GDP is back above pre-crisis levels, unlike the UK, and is continuing to grow at a reasonable, if quite modest, rate.
Having avoided the fiscal cliff, Congress still has to confront the separate debt ceiling. This will involve the same sort of “end of days” media frenzy we saw around the cliff, but ultimately a deal will be done and the US economic juggernaut will move on.
The negative impact on confidence of these stand-offs seems to be much exaggerated. In fact, the US economy continued to create jobs at quite a pace right through the supposed uncertainty of the fiscal cliff negotiations.
More.… UK Telegraph
