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Econ Prof at U of I says Bernanke Deserves to Keep Job

Posted: Wednesday, December 2nd, 2009 at 7:29 am
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[audio:http://www.kciiradio.com/wp-content/uploads/2009/12/00233-Chuck-Whiteman.mp3]
[audio:http://www.kciiradio.com/wp-content/uploads/2009/12/00234-Chuck-Whiteman.mp3]
press play to hear from Economics Prof. Chuck Whiteman

The Senate Banking Committee this week will begin discussions on whether Federal Reserve Chairman Ben Bernanke deserves a second term. A professor of economics at the University of Iowa says yes, he does. Chuck Whiteman says the economic shock that hit the banking system in 2007 and 2008 required a gigantic response, which is what we got. Whiteman believes that if the Fed had not acted the way it did, the U.S. would be in a much worse situation than it is now. He also says most academic economists would give Bernanke “pretty good grades.”