Is Fed Chairman Bernanke Doing a Good Job?

Topics: Federal Reserve System, Great Depression, Monetary policy Pages: 2 (622 words) Published: October 16, 2010
Before we can distinguish whether or not Ben Bernanke is doing a good job, first we need to see what his “job” really is. His title is the Chairman of the Board of Governors of the Federal Reserve System. The Board of Governors is the head of the central banking or Federal Reserve System of the United States. Federal Reserve System was created “in order to provide a safer, more flexible banking and monetary system… facilitating the solidity and growth of the national economy, maintaining a high level of employment, ensuring stability in the purchasing power of the dollar, and maintaining reasonable balance in transactions with foreign countries”(Financial Web). In this economy, he has two important jobs, fighting inflation and maintaining a reasonable level of unemployment. Judging by the economy now and seeing those who are unemployed makes me want to give him a D but instead I give him a B+.

Even though he is the chair of the Federal Reserve, he should not and is not doing the job of maintaining a good economy alone. The actual Federal Reserve has the job of maintaining a good economy. The question should be asking do you believe the Federal Reserve is doing a good job? The question to that would be yes and no. However, as the chairman, all eyes are on him.

Unemployment is at a low; however it does take time for the economy to start going up once it has fallen. This is the truth with anything. I feel everyone is expecting too much too soon. He is not a robot, he’s only human. Ben Bernanke and “the team” have not been sitting around doing nothing. They have tried things to stimulate growth to the economy. One example is that “The Federal Reserve has already lowered a key short-term interest rate to just above zero” (“3 Ways the Fed Could Boost the Economy”). This was to motivate consumers to purchase more whether it is a home loans are auto loan. However, this did not help the economy a great deal with a fault to Ben Bernanke....
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