ben bernanke political party

Enjoy! While Mr Bernanke has differe That's why he's no longer a Republican, former Federal Reserve Chairman Ben Bernanke tells us in his new memoir. Party: Independent . [53] On a second vote to confirm, the 30 dissents came from 11 Democrats, 18 Republicans and one independent. Continual run-ins with hard-right Republicans—such as noted Fed critic Ron Paul, the former Texas congressman—gradually pushed him away from the party that first put him in charge of the Fed in 2006. But as Bernanke found out during the crisis, it’s hard to stay completely above the fray in Washington. [8], Bernanke wrote about his time as chairman of the Federal Reserve in his 2015 book, The Courage to Act, in which he revealed that the world's economy came close to collapse in 2007 and 2008. An advocate of more transparent Fed policy and clearer statements than Greenspan had made, he had to back away from his initial idea of stating clearer inflation goals as such statements tended to affect the stock market. While arguing that Democrats “suffered their own delusions, especially on the far left,”  the former Princeton economics professor said he had “lost patience with Republicans’ susceptibility to the know-nothing-ism of the far right. "[70], For example, while Greenspan publicly supported President Clinton's deficit reduction plan and the Bush tax cuts, Bernanke, when questioned about taxation policy, said that it was none of his business, his exclusive remit being monetary policy, and said that fiscal policy and wider society related issues were what politicians were for and got elected for. His first months as chairman of the Federal Reserve System were marked by difficulties communicating with the media. [76], On April 16, 2015, it was announced publicly that Bernanke will work with Citadel, the $25 billion hedge fund founded by billionaire Kenneth C. Griffin, as a senior adviser. Distinguished Leadership in Government Award. Bernanke was born in Augusta, Georgia, and was raised on East Jefferson Street in Dillon, South Carolina. According to the Wall Street Journal, the false name was evidence in a class-action lawsuit against the government by shareholders of AIG, which had been given a Fed-backed bailout when it was near collapse. The Senate first voted 77–23 to end debate, Bernanke winning more than the 60 approval votes needed to overcome the possibility of a filibuster. [5] His first term began February 1, 2006. He has written two textbooks: an intermediate-level macroeconomics textbook coauthored with Andrew Abel (and also Dean Croushore in later editions) and an introductory textbook, covering both microeconomics and macroeconomics, coauthored with Robert H. Frank. Reuters. [21] Although he keeps his beliefs private, his friend Mark Gertler, chairman of New York University's economics department, says they are "embedded in who he (Bernanke) is. Bernanke's thesis adviser was the future governor of the Bank of Israel, Stanley Fischer, and his readers included Irwin S. Bernstein, Rüdiger Dornbusch, Robert Solow, and Peter Diamond of MIT and Dale Jorgenson of Harvard. He expressed his hope that economic growth was building momentum and stated that he was confident that the central bank would be able to withdraw its support smoothly. Political party: Republican Party (until 2015) Independent (2015–present) Spouse(s) Anna Friedmann: Ben Bernanke also worked there sometimes. "All for a more open Fed". During his tenure as chair, Bernanke oversaw the Federal Reserve's response to the late-2000s financial crisis. When faced with a mild downturn, banks are likely to significantly cut back lending and other risky ventures. In one of the more revealing passages of his just-published book The Courage to Act, the former chairman of the US Federal Reserve lays out his experience with Republican lawmakers during the twin financial and economic crises that dominated his term as the head of the world’s most important central bank. When this was considered insufficient to abate the liquidity crisis, the Fed initiated quantitative easing, creating $1.3 trillion from November 2008 to June 2010 and using the created money to buy financial assets from banks and from the government. [4] During his tenure as chair, Bernanke oversaw the Federal Reserve's response to the late-2000s financial crisis. "[59], Upon the revelation of the Quince pseudonym during the Starr v. United States trial, The New York Times created a cocktail inspired by Mr. Bernanke's chosen alias: the "Rye & Quince. (See: ", "Lawmakers hit out at Paulson over BofA-Merrill". The concept of the Fed chair’s political legacy might strike macroeconomists and central bankers as incongruous: Bernanke typically emphasizes that the Fed makes policy immune from politics. I view myself now as a moderate independent, and I think that's where I'll stay. Paulson stated to Cuomo's office that he was directed by Bernanke to threaten Lewis in this manner. His book's review of Minsky, the foremost theorist of ho… These are some of our most ambitious editorial projects. [13][14] Bernanke's father and uncle owned and managed a drugstore they purchased from Bernanke's paternal grandfather, Jonas Bernanke. He suggested that lenders "may have gone a little bit too far on mortgage credit conditions". Janet Louise Yellen (born August 13, 1946) is an American economist who was the 15th chair of the Federal Reserve from 2014 to 2018, the first woman to hold the role. Bernanke also pointed out that deficit reduction will necessarily consist of either raising taxes, cutting entitlement payments and other government spending, or some combination of both. President Bush has named Ben Bernanke, the current chairman of the White House Council of Economic Advisors, to succeed Alan Greenspan as the head of the Federal Reserve. [25][26] Bernanke scored 1590 out of 1600 on the SAT[25][27] and was a National Merit Scholar. As the Great Recession deepened, Bernanke oversaw some unorthodox measures. She was Vice Chair of the Fed from 2010 to 2014. [57], According to a January 26, 2010, column in The Huffington Post, a whistleblower has disclosed documents providing "'troubling details' of Bernanke's role in the AIG bailout". Bernanke taught at the Stanford Graduate School of Business from 1979 until 1985, was a visiting professor at New York University and went on to become a tenured professor at Princeton University in the Department of Economics. From August 5, 2002, until June 21, 2005, he was a member of the Board of Governors of the Federal Reserve System, proposed the Bernanke Doctrine, and first discussed "the Great Moderation" — the theory that traditional business cycles have declined in volatility in recent decades through structural changes that have occurred in the international economy, particularly increases in the economic stability of developing nations, diminishing the influence of macroeconomic (monetary and fiscal) policy. [ 77 ] in the world according to IDEAS/RePEc. [ 61 ] 2002 to 2005 control of Federal. Budget deficit, particularly by reforming the Social Security and Medicare entitlement programs rate increases he... Bernanke taught it to himself likely to significantly cut back lending and other ventures. His new memoir Senate on January 6, 2014 `` lapse in judgment ``! George W. Bush 's Council of Economic Advisers, and i think that 's where i 'll.. 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