Quantum Pranx


Scholarly Bernanke gets an ‘F’ in the Real World

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by Steven George Fair
Originally posted on Rick Ackerman’s “Rick’s Picks”, October 26, 2010


Federal Reserve System

2005-2006    Chairman of the U.S. President’s Council of Economic Advisers

2002-2005    Board of Governors of the Federal Reserve System

1990-2002    Member of the Academic Advisory Panel

1987-1989     Visiting Scholar, Philadelphia

1989-1990     Visiting Scholar, Boston

1990-1991, 1994-1996   Visiting Scholar, New York


1996-2002   Chairman, Princeton Dept. of Economics

1985-2002   Professor of Economics and Public Affairs, Stanford

1983-1985   Associate Professor of Economics, Stanford

1979-1983   Assistant Professor of Economics, NYU Department of Economics

1989-1990, 1993 Visiting Professor of Economics Education, MIT


1979    Ph.D. in Economics, Harvard

1975    B.A. in Economics, Summa Cum Laude, Harvard

Awards and Achievements

Harvard: Best undergraduate economics thesis; outstanding senior in the Economics Department. Guggenheim fellowship. Sloan fellowship. High school valedictorian. Received a 1590 out of 1600 on the SAT. Self-taught calculus. South Carolina state spelling bee winner.

Books Authored: Essays on the Great Depression; Macroeconomics textbook; Principles of Economics; Principles of Microeconomics; Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment.


All Theory, No Experience

Our Fed chairman is certainly no slouch, as his resume makes clear. No one would dare question the intellect of the man.  No one would dare challenge his education under the cadre of theory-producing progressive think-tanks. But what do we really have from Ben Bernanke other than a theory on how the Great Depression only got worse? And another on how a mere man can defeat the Laws of Nature and natural cycles?

We as a culture have bet our future, and the future of our great-great grandchildren, on voting for progressive legislators, who for the most part have not even worked a summer job at hard labor, or run a business of any kind except a corporate bank.

I guess I’ll have to speak for Oregon, where the two senators, and the representative for downtown Portland, have never had an honest job at hourly labor. And in Washington D.C., Little Timmy Geithner is groomed, mostly in foreign lands, to do exactly what he is doing – with no experience of being a man on the street looking for work, or looking to make a small business succeed in the face of massive government intervention and abusive ordinances passed by the skullduggery of an illegitimate governmental form called democracy.

Bernanke, and the congress are thieves who have stolen 30% of the savings of hard-working people over the past few years. Am I wrong to believe that private savings is the engine of progress and business? Now Bernanke has engaged the G-20 in hopes there will be no currency wars as he induces, via QEII, yet another round of Common Law theft and misrepresentation under the statutes of Fraud. Is the Fed chairman working within his college theory, or has he broken into the unknown in an attempt to defeat the Laws of Nature?

We as a whole are betting that the Congress, and the chief executive, as well as Bernanke, can produce wealth, not by working and saving, but by using theory, massive debt, and theft of savings to grow the economy by growing the government and favoring union-protected jobs in the public and private sectors. Exactly what has Bernanke accomplished?

Rewarding Crooks

It appears Bernanke has rewarded everyone who lied to get a loan. Every banking crook was bailed out, and the bankers got to keep what they stole. AIG is ready to pay back their loans with money created by Bernanke and loaned at no interest. Government Motors Company is back on track, using accounting rules to create profits where only problems exist. Last year we spent $1M to create a each $50k job ahead of the elections. Now my dearest Bernanke is going to steal from individual savers to help the corporate gigolos who put legislators in office in the first place within the republicrat system of electing attorneys and hacks who have never been productive in labor in their lives.

Looking at his resume, one might ask “Who would hire Bernanke?” And for what job? What is he qualified to do under the pretense that he must address the Laws of Nature  as he did in his Ph.D. thesis?


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