AP reports this morning that “Economists warn a defeat of Federal Reserve Chairman Ben Bernanke’s quest for another four-year term could raise the risk of a double dip recession.” Remember that these are the same “economists” who get in the paper each week because there is “unexpected” or “surprising” economic news, whether “it” is “unexpectedly lower” or “surprisingly higher” it never fails. If the economists were really so smart, they wouldn’t be consistently surprised. The problems with Bernanke’s tenure have been easy money resulting in a weak dollar. The Bush Fed had a similar policy, and the Obama administration has continued it.
As George Bernard Shaw said, “If all economists were laid end to end, they would not reach a conclusion.” We might revise that to say, “If all government economists were laid end to end, they would not reach a correct conclusion.”