Over at our competitor, the ‘Times, Greg Mankiw has written a cogent and sympathetic analysis of Ben Bernanke and his performance as chairman of the Fed since ’06. Seeing as Bernanke probably deserved the 2009 Nobel Peace Prize more than Obama did, it’s nice to see something that’s chiming in his favor. Bernanke, to his credit, put it well at a recent FOMC meeting that ultimately, the Fed’s powers are limited – to expect him and the other governors to solve, say, Medicare or unemployment is an like asking an electrician to unclog your pipes.
