Ben Bernanke's Fed: The Federal Reserve after Greenspan

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BEN BERNANKE'S FED: THE FEDERAL RESERVE AFTER GREENSPAN * ETHAN'S HARRIS * HARVARD BUSINESS PRESS * RRP S44.95

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Ben Bernanke--the bookish bloke who replaced the legendary Alan Greenspan as chairman of the US Federal Reserve in February 2006.

Bernanke's job has become increasingly important as Wall Street crashed, the economy shrunk and the US experienced its most severe financial crisis since the Great Depression.

His handling of the crisis hasn't won universal admiration: some pundits in Washington and on Wall Street want him replaced. Harris disagrees.

He credits Bernanke with having a deeper understanding of the academic research than his predecessor and with tending to rely more on the views of other economists and the Federal Reserve.

Sure, the US has slumped on Bernanke's watch, but Harris says mostly that's because he inherited bubbles that were about to burst in the housing and credit markets.

And while Bernanke was slow in responding to the scope of the housing slowdown and credit crisis, Harris reckons he deserves another term as chairman of The Fed (some say it's the second most powerful job in the US). …