Ben Bernanke: NEWPORT BEACH, Calif. Ben Bernanke, the chairman of the U.S. Federal Reserve, has said he probably wont serve another term when his current one expires this coming January. His decision to skip the Feds annual conference in Jackson Hole, Wyo., this summer has only reinforced the view that he wont be coming back. But history has yet to issue its verdict on the worlds most powerful central banker. , according to Winnipeg Free Press. Bernanke might well end up regarded as one of the bravest, most innovative Fed chiefs yet. But history made him as much as he made history: The global financial system started to show signs of unusual stress soon after he assumed the chairmanship in early 2006. By September 2008, when Lehman Brothers collapse set off a global panic, Bernanke, having brilliantly analyzed the historical causes and consequences of the Great Depression as an academic and having already taken some exceptional measures as Fed chairman understood the importance of quickly going all in to counter a potential tragedy of enormous proportions. After galvanizing the Fed into the role of audacious financial first responder, he went to Capitol Hill with Treasury Secretary Hank Paulson and, in what has been recalled by many as an extraordinary meeting, persuaded or, more accurately, terrified reluctant politicians to take unprecedented steps, including a massive emergency fiscal injection to save the financial system. Things really were that dire so much so that, worried that the banks might not open the next morning, I told my wife to withdraw as much cash from the ATM as possible. Ben Bernanke ASSOCIATED PRESS ARCHIVES Related Items Articles Obama gives clearest signal yet that Bernanke will likely leave Fed in January when term ends Undoubtedly, Bernanke will be remembered as a bold policy leader who helped avoid a global depression by courageously taking the Fed into uncharted waters using highly experimental and highly risky policies. At the same time, he leaves his successor with a set of unprecedented and unresolved problems to contend with, from weaning the economy off life support to navigating the consequences of an unusually large balance sheet. And with so much uncertainty about the success of the Bernanke way, econ textbooks and quarterly unemployment figures just dont hold enough answers to how his stewardship of the U.S. economy will play itself out in the years ahead.
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