Bernanke in the Net

I have never been a goalie but I have played on some very bad hockey teams. Watching our goalies flail about trying to make up for our sins was not pretty. But flail they did because the thing about goalies is that they can’t really quit. Should any of the goalies on any of those very bad teams have played anywhere near as badly as we skaters did, the scoreboard might well have overheated.

Reminds me of Ben Bernanke.

Our elected officials are clearly making no effort whatsoever to address the financial challenges faced by this country. Indeed, they are fighting among themselves to see who will have what role on this dreadful team. Back there in the net, Bernanke the goalie is kicking the pucks out as best he can.

Former Federal Reserve Board Governor, Kevin Warsh, might even go so far as blaming the goalie for enabling the bad behavior of his skaters. Here is a link to his recent appearance at the Milken Institute.

The Fed has “enabled” Washington to do nothing, since the politicians expect the same “rabbit out of the hat” rescue that occurred in the darkest days of the financial crisis. This means no growth strategies (“the mix of policies has to be right”) will occur. Since the financial crisis, Washington has done its level best to focus on GDP in the next quarter, or perhaps the election, and precious little beyond that short-term horizon. Warsh concludes, “There Is No Plan B.”

Now here is the unfortunate truth about goalies on very bad hockey teams: no matter how good they are or how hard they try, they almost always lose.

Often quite badly.



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