{"id":7802,"date":"2015-05-03T20:12:41","date_gmt":"2015-05-04T01:12:41","guid":{"rendered":"http:\/\/olduvai.ca\/?p=7802"},"modified":"2015-05-03T20:12:41","modified_gmt":"2015-05-04T01:12:41","slug":"wsj-slams-bernankes-rambling-blog-post-stop-blaming-everyone-for-your-mistake","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=7802","title":{"rendered":"WSJ Slams Bernanke’s Rambling Blog Post: “Stop Blaming Everyone” For Your Mistake"},"content":{"rendered":"

WSJ Slams Bernanke’s Rambling Blog Post: “Stop Blaming Everyone” For Your Mistake<\/a><\/h3>\n

The mainstream is beginning to sound a lot like some fringe blog…<\/strong>\u00a0A week after the\u00a0world’s largest sovereign wealth fund unleashed a tirade against high-frequency trading and monetary policy distortions<\/a>,\u00a0The Wall Street Journal has penned an Op-Ed ramping<\/a>\u00a0up its war against Bernanke (and The Fed). What next? Cats living with dogs, mass hysteria, the dead rising from the grave?<\/p>\n

Bernanke threw the first punch… and it landed.<\/strong>\u00a0Now The Wall Street Journal<\/a>\u00a0counters with a colossal combination…<\/p>\n

It\u2019s nice to know we\u2019re being read<\/strong>, and Thursday\u2019s editorial on \u201cThe Slow-Growth Fed<\/a>\u201d sure got a rise out of Ben Bernanke.\u00a0The former Federal Reserve Chairman turned blogger turned Pimco adviser<\/strong><\/u>\u00a0wrote to defend the central bank and by\u00a0implication his policies as innocent of responsibility for subpar economic growth.<\/strong><\/p>\n

This is fun, so let\u2019s parse\u00a0the Revered One\u2019s arguments<\/a>.<\/strong>\u00a0First, Mr. Bernanke accuses us of \u201cforecasting a breakout in inflation\u201d at least since 2006. The central banker is getting into the polemical swing, but he\u2019s wild with that one. We\u2019re not always right. But we\u2019ve been careful not to join some of our friends in predicting inflation from the Fed\u2019s post-crisis policies.\u00a0We\u2019ve written that we are in uncharted monetary territory with risks and outcomes we lack the foresight to predict.<\/strong><\/p>\n

Our view has been that the Fed\u2019s first round of quantitative easing was necessary to stem the financial panic\u2014and that it worked. We were skeptical of the later bouts of QE, and in our view these have been notably less successful in helping the economy return to robust health. Asset prices are up and the wealthy are better off, but the working stiff is still waiting for the economic payoff.<\/p><\/blockquote>\n

…click on the above link to read the rest of the article…<\/p>\n

 <\/p>\n

 <\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

WSJ Slams Bernanke’s Rambling Blog Post: “Stop Blaming Everyone” For Your Mistake The mainstream is beginning to sound a lot like some fringe blog…\u00a0A week after the\u00a0world’s largest sovereign wealth fund unleashed a tirade against high-frequency trading and monetary policy distortions,\u00a0The Wall Street Journal has penned an Op-Ed ramping\u00a0up its war against Bernanke (and The […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[68,5144,5145,303,305,534,661,662,861],"class_list":["post-7802","post","type-post","status-publish","format-standard","hentry","category-economics","tag-ben-bernanke","tag-bernanke","tag-bernanke-blog","tag-fed","tag-federal-reserve","tag-monetary-policy","tag-qe","tag-quantitative-easing","tag-wall-street-journal"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7802","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7802"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7802\/revisions"}],"predecessor-version":[{"id":7803,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7802\/revisions\/7803"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}