No public official has been more integrally involved in the federal government’s “Great Intervention” than U.S. Federal Reserve Chairman Ben Bernanke.
Over the course of three years (and two administrations), Bernanke has aggressively and successfully lobbied for trillions of dollars in government bailouts, deficit spending, loan guarantees and “quantitative easing.” From his perch at the secretive Fed, Bernanke has also kept interest rates artificially low by investing heavily in treasuries — although these low borrowing costs have chiefly benefited the government, not the American people.
This summer, however — as the failure of government “stimulation” became apparent — Bernanke’s language began to undergo a subtle shift.
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