After the debacle of Vietnam War, if somebody says you are the best and brightest in Washington. It may hint that he is the untested one and looser. So, I prefer the best and smartest to describe our Fed Chairman, the humble, loyal and tested Ben Bernnake.
I am very glad that finally an international magazine, Economist (July 18 to 24, 2009 issue) admitted that economics is a dismal science and most economists lack of understanding their discipline. However, this kind of Monday Morning Quarterback and Johnny came lately “prescience” only reflect my long time Bightink article: “market is humble place, Economics is not a science”, is true (please see my previous Bigthink writings).
In 1998 Asian storm, Nobel Prize winner, Milton Friedman and journal Economist almost wanted to kill the Hong Kong economic interventionist and practitioners, Donald Tsang and Joseph Yam. Because they cut off the invisible hand of market force and use government hand to fight with George Soros! The history tells us even Nobel prized winner of Economics was wrong. The Philosopher turned Speculator Soros finally acknowledged the HK guy had done a good job to protect the market he speculated!!
Now comes to this recession, the Bank nationalization theorists, including the famous Nobel Prize winner Paul Krugman and the fortune teller Nouriel Roubini (Readers please tell me how many wrong crisis predictions he made before he made one right about this crisis came) shouted almost every week in the last five to six months: Zombie banks like Citi and Bank of American must be nationalized. Otherwise, American cannot survive this recession. See Sweden! Learn Sweden!!
The worst, wrong as usual as to support Mr. Bush and Cheney ‘s choice of Iraqi war. The New York Times’ editorial page, big and small writers closely follow the tone of his colleague Paul Krugman: nationalize CITI, AND BANK OF AMERICAN!! YOU INCOMPETANT BEN BERNANKE AND TIM GEITHNER! I wonder how many Krugman’ s follower in NYT know Economics and had done some research about bank nationalization. How bias and arrogant they are! Do they know : market is humble place, economics is dismal science? Very strange! Even the WSJ had one or two opposite tone of writings to oppose Citi and Bank of America nationalized. NYT HAS NONE!!
Now the history is inclining to Ben Bernanke and drifts away from the Bank nationalized theorist and his blindsided followers. It is not easy for Ben! How many unsleeping night in office? What a great pressure and stress! A hot and new Noble prizewinner, Paul Krugman almost every Monday and Friday in NYT reminds Ban. Bank nationalization! Plus NYT RED –NECKS AND OTHER SMALL AND BIG MEDIA WITH oral- injected-Viagra- toned shouting: YOU LISTEN TO ME, Bernanke! Nationalize the zombie Citi and Bank of America! The pity Ken Lewis crying loudly : ”We are not same as Citi! Please! “
I can predict (may I Professor Roubini!), Bank industry is safe now! The had been tested, best and smartest Ben Bernanke! He does not want more money, more fame! He just wants the American survive this recession and serves the people! I wish President Obama would extend one more term for this humble Ben! Let him finish his job!!