He resigned his position at Princeton July 1, 2005. He doesn't have a commanding presence. "[73], In a speech at the American Economics Association conference in January 2014, Bernanke reflected on his tenure as chairman of the Federal Reserve. Unlike the Republicans in Congress, Bernanke is not trying to sabotage the economy so that he can be elected into political office. [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. 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. He isn't a mesmerizing speaker. The appointment was largely viewed as a test run to ascertain if Bernanke could be Bush's pick to succeed Greenspan as Fed chairman the next year. [35] Bernanke served for six years as a member of the board of education of the Montgomery Township School District. In theory, monetary policy making is supposed to be somewhat remote from politics. Ben Bernanke - Person of the Year 2009 - TIME A bald man with a gray beard and tired eyes is sitting in his oversize Washington office, talking about the economy. [23], Bernanke was educated at East Elementary, J.V. Party: Independent . Ben S. Bernanke, the Fed’s chairman from 2006 to 2014, kept on his bookshelf one of the chunks of wood that Mr. Volcker received during the anti-inflation campaign. Under intense questioning by members of Congress, Bernanke said, "I never said anything about firing the board and the management [of Bank of America]." [24] Since Dillon High School did not offer calculus at the time, Bernanke taught it to himself. degree, and later with an A.M. in economics summa cum laude in 1975. That's why he's no longer a Republican, former Federal Reserve Chairman Ben Bernanke tells us in his new memoir. 1, "The Macroeconomics of the Great Depression", Presidential Nomination: Ben Shalom Bernanke, "Federal Reserve Chairman Ben Bernanke to Join Economic Studies at Brookings", "The Great Depression Expert Who Prevented the Second Great Depression", "Bush Nominates Bernanke to Succeed Greenspan as Fed Chief", "Ben S. Bernanke formally sworn in to second term as chairman of the Board of Governors of the Federal Reserve System", "Obama nominates Janet Yellen to succeed Bernanke at Federal Reserve", "Yellen sworn in as Fed chair in brief ceremony", "Fed Chief's Boyhood Home Is Sold After Foreclosure", "Federal Reserve Speech: Chairman Ben S. Bernanke At the presentation of the Order of the Palmetto, Dillon, South Carolina", "New Fed chief will face an economy with issues", "FRB: Speech, Bernanke-Financial Access for Immigrants: The Case of Remittances-April 16, 2004", "60 Minutes Video – 60 Minutes, 06.07.09", "Bernanke speaks at ceremony naming I-95 interchange - Mar. [54], Bernanke has been subjected to criticism concerning the late-2000s financial crisis. His book's review of Minsky, the foremost theorist of ho… [4] Before becoming Federal Reserve chair, Bernanke was a tenured professor at Princeton University and chaired the department of economics there from 1996 to September 2002, when he went on public service leave.[4]. Distinguished Leadership in Government Award. The thinking is that the central bank needs insulation from political pressures to manipulate monetary policy for political reasons. In one of his first speeches as a Governor, entitled "Deflation: Making Sure It Doesn't Happen Here", he outlined what has been referred to as the Bernanke Doctrine. © 2020 Quartz Media, Inc. All rights reserved. Bernanke, who was appointed Fed chair in 2006 by former President George W. Bush, made the revelation in his new book “The Courage to … "[7] His second term ended January 31, 2014, when he was succeeded by Janet Yellen on February 3, 2014. WASHINGTON (CBSDC/AP) — Former Federal Reserve chairman Ben Bernanke doesn’t consider himself a Republican anymore. Federal Reserve Chairman Ben S. Bernanke defended his expansion of record monetary stimulus in a meeting with Senators as top Republican lawmakers stepped up … By contrast, Bernanke’s image among Democrats is more positive than it was in 2008. I felt that the party left me.”, He later concludes: “I view myself now as a moderate independent, and I think that’s where I’ll stay.”. I tried to listen carefully and accept thoughtful criticisms. Ben S. Bernanke is a Distinguished Fellow in Residence with the Economic Studies Program at the Brookings Institution. "[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. His first months as chairman of the Federal Reserve System were marked by difficulties communicating with the media. On the eve of President-Elect Trump’s inauguration, Mike Cosentino, Gary LaMaster, Klaus von Stutterheim, and Steve Williamson evaluate the successes and failures of President … "[70], He referred to a statement made by Milton Friedman about using a "helicopter drop" of money into the economy to fight deflation. "The Education of Ben Bernanke. Former Federal Reserve Chairman Ben Bernanke recalls the desperate, unsuccessful, effort to save Lehman Brothers in his new 600-page memoir, “The Courage to Act: A … Bernanke asserts that it was only the novel efforts of the Fed (cooperating with other agencies and agencies of foreign governments) that prevented an economic catastrophe greater than the Great Depression.[9]. It Was the Best of Times, It Was the Worst of Times: Democratic Perspective Looks Back At the Obama Years. Before Bernanke's work, the dominant monetarist theory of the Great Depression was Milton Friedman's view that it had been largely caused by the Federal Reserve's having reduced the money supply and has on several occasions argued that one of the biggest mistakes made during the period was to raise interest rates too early. He suggested that lenders "may have gone a little bit too far on mortgage credit conditions". [52] (For the roll-call vote, see Obama confirmations, 2010.) [32], Bernanke met his wife, Anna, a schoolteacher, on a blind date. 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. He immigrated to the United States from Przemyśl, Poland, and arrived at Ellis Island, aged 30, on June 30, 1921, with his wife Pauline, aged 25. 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. Reuters. One of Mr. Quince's emails reads, "We think they are days from failure. Ben Bernanke first achieved prominence through his academic work on the Great Depression that expanded on the work of Milton Friedman found in his Monetary History of the United States. [10] His father Philip was a pharmacist and part-time theater manager. [65] Anna Schwartz, however, was highly critical of Bernanke and wrote an opinion piece in The New York Times advising Obama against his reappointment as chair of the Federal Reserve. As the Great Recession deepened, Bernanke oversaw some unorthodox measures. But it seemed to me that the crisis had helped to radicalize large parts of the Republican Party,” Bernanke writes on page 432. [82], His remarks were most likely intended for the federal government's executive and legislative branches,[83] since entitlement reform is a fiscal exercise that will be accomplished by the Congress and the President[84][85] rather than a monetary task falling within the implementation powers of the Federal Reserve. [53], Bernanke was succeeded as chair of the Federal Reserve by Janet Yellen, the first woman to hold the position. Bernanke then served as chairman of President George W. Bush's Council of Economic Advisers before President Bush nominated him to succeed Alan Greenspan as chairman of the United States Federal Reserve. [34], When Bernanke left Stanford to accept a position at Princeton, he and his family moved to Montgomery Township, New Jersey, in 1985, where Bernanke's children attended the local public schools. Before becoming Federal Reserve chair, Bernanke was a tenured professor at Princeton University and chaired the department of economics there from 1996 to September 2002, when he went on public service leave. Ben Shalom Bernanke (born December 13, 1953) is an American economist of Jewish descent. Yellen was nominated on October 9, 2013, by President Obama and confirmed by the United States Senate on January 6, 2014. Bernanke, in a new memoir, says 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, Quartz reported. They think it is a temporary problem. ", Eight Days: the battle to save the American financial system, Statements and Speeches of Ben S. Bernanke, Monitoring the Impact of Bernanke's 1st Press Conference on a Professional Market Terminal, "Ben Bernanke collected news and commentary", "Skills, Ownership, and Economic Security", "Chairman Ben Bernanke Lecture Series Part 1", "Chairman Ben Bernanke Lecture Series Part 3", Federal Reserve v. Investment Co. Institute, Chairs of the Council of Economic Advisers, Presidents of the American Economic Association, https://en.wikipedia.org/w/index.php?title=Ben_Bernanke&oldid=992032008, American people of Ukrainian-Jewish descent, Fellows of the American Academy of Arts and Sciences, MIT School of Humanities, Arts, and Social Sciences alumni, People from Montgomery Township, New Jersey, Stanford University Graduate School of Business faculty, United States Council of Economic Advisers, Articles with dead external links from October 2010, Articles with dead external links from May 2016, Pages using infobox economist as a module, Articles with unsourced statements from July 2020, Articles with dead external links from June 2020, Articles with permanently dead external links, Wikipedia articles with BIBSYS identifiers, Wikipedia articles with CANTIC identifiers, Wikipedia articles with CINII identifiers, Wikipedia articles with SELIBR identifiers, Wikipedia articles with SUDOC identifiers, Wikipedia articles with Trove identifiers, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License. According to Bernanke, a life-long Republican, the far-right extremism that has taken over the Republican Party in the name of extreme conservatism: “It’s the stupid economics.…[they] saw inflation … Preventing Political Moral Hazard Means Stopping Bernanke 03/18/2010 05:12 am ET Updated May 25, 2011 My newspaper column out today is about the concept of "moral hazard" - and how there's a difference between financial moral hazard and political moral hazard, the latter of which is even more pernicious than the former. Enjoy! Control of the money supply implies that the government can always avoid deflation by simply issuing more money. [17] Bernanke's mother gave up her job as a schoolteacher when her son was born and worked at the family drugstore. Bernanke served as a member of the Board of Governors of the Federal Reserve System from 2002 to 2005. Republican Senator Jim Bunning of Kentucky said on CNBC that he had seen documents which show that Bernanke overruled recommendations from his staff in bailing out AIG. She was a student at Wellesley College, and he was in graduate school at MIT. According to The New York Times, Bernanke "has been attacked for failing to foresee the financial crisis, for bailing out Wall Street, and, most recently, for injecting an additional $600 billion into the banking system to give the slow recovery a boost. His mother Edna was an elementary school teacher. Instead he asserted that Market Capitalism was a system which always tended toward equilibrium and stability. 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. [44] When Senate Banking Committee hearings on his nomination began on December 3, 2009, several senators from both parties indicated they would not support a second term. Ben Bernanke, former Bush appointee to Federal Reserve Chairman and former Princeton Economics professor slammed modern Republican economic policies in his new memoir. [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. In further testimony, Bernanke said the Fed did nothing illegal or unethical in its efforts to convince Bank of America not to end the merger. I would like to say to Milton and Anna [Schwartz, Friedman's coauthor]: Regarding the Great Depression, you're right. I view myself now as a moderate independent, and I think that's where I'll stay. ... Ben Bernanke … Below is an abbreviated outline of Bernanke's academic, professional, and political career: [45][46][47][48][49][50], However, Bernanke was confirmed for a second term as chairman on January 28, 2010, by a 70–30 vote of the full Senate,[51] the narrowest margin, at the time, for any occupant of the position. 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. It's the stupid economics. On February 1, 2006, Bernanke began a fourteen-year term as a member of the Federal Reserve Board of Governors and a four-year term as chairman (after having been nominated by President Bush in late 2005). By Axel Merk", Remarks by Governor Ben S. Bernanke, At the Conference to Honor Milton Friedman, University of Chicago, Chicago, Illinois, November 8, 2002, "Bernanke's Philosopher — Reason Magazine", "The Financial Accelerator and the Credit Channel, The Credit Channel of Monetary Policy in the Twenty-first Century Conference, Atlanta, Georgia", Lecture 10: Depressions and Panics, 1840–1933, "Speech, Bernanke -Deflation- November 21, 2002", "Governor Ben S. Bernanke, The Global Saving Glut and the U.S. Current Account Deficit", "Ex-Fed chief Bernanke denied loan to refinance his home", "Ben Bernanke Will Work With Citadel, a Hedge Fund, as an Adviser", "Pimco recruits ex-Federal Reserve chairman Ben Bernanke", "Bernanke: I'm not really a Republican anymore", "Economic Challenges: Past, Present and Future (PDF version)", "Economic Challenges: Past, Present and Future (HTML version)", "Federal Reserve Chairman Ben Bernanke sounds a warning on growing deficit", "Let Them Go Bankrupt, Soon: Solving Social Security and Medicare", "Can Obama Actually Achieve Entitlement Reform? 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. While Mr Bernanke has differe [10][18][19] To support himself throughout college, he continued to work during the summers at South of the Border. [37], As a member of the board of governors of the Federal Reserve System on February 20, 2004, Bernanke gave a speech in which he postulated that we are in a new era called the Great Moderation, where modern macroeconomic policy has decreased the volatility of the business cycle to the point that it should no longer be a central issue in economics.[38]. Paulson stated to Cuomo's office that he was directed by Bernanke to threaten Lewis in this manner. [10][20], As a teenager in the 1960s, Bernanke would help roll the Torah scrolls in his local synagogue. Ben Bernanke has publicly broken ranks with the Republican party. (Alternative reasons include relatively low worldwide investment coupled with low U.S. "All for a more open Fed". Ben Bernanke has publicly broken ranks with the Republican party. When faced with a mild downturn, banks are likely to significantly cut back lending and other risky ventures. 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. "[63][64], Bernanke has cited Milton Friedman and Anna Schwartz in his decision to lower interest rates to zero. Bernanke published many books and scholarly articles on various economic issues during his time as a professor at Princeton University, Stanford University, New York University and the Massachusetts Institute of Technology. He was the Chair of the Federal Reserve, the central bank of the United States. [58], The crisis in 2008 also made then-Federal Reserve Chairman Ben Bernanke create a pseudonym, Edward Quince. 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. 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. "[60], Bernanke has given several lectures at the London School of Economics on monetary theory and policy. Our emails are made to shine in your inbox, with something fresh every morning, afternoon, and weekend. (He was nominated for the job by president George W. Bush, for whom Bernanke served as head of the White House Council of Economic Advisors.). "[55], In a letter to Congress from then-New York State Attorney General Andrew Cuomo dated April 23, 2009, Bernanke was mentioned along with former Treasury Secretary Henry Paulson in allegations of fraud concerning the acquisition of Merrill Lynch by Bank of America. [86], Academic and government career (1979–2006), Chairman of the United States Federal Reserve, Controversies as Federal Reserve Chairman, Merrill Lynch merger with Bank of America, Statements on deficit reduction and reform of Social Security/Medicare, Bernanke's first name is Ben, not Benjamin, and "Ben Shalom" is not abbreviated. [65], In 2005 Bernanke coined the term saving glut, the idea that relatively high level of worldwide savings was holding down interest rates and financing the current account deficits of the United States. Career. Bernanke, Ben S., "Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression", Board of Governors of the Federal Reserve System, White House Correspondents' Association Dinner, South Carolina Department of Transportation, "Systematic Monetary Policy and the Effects of Oil Price Shocks", preview of ch. The Republican party knows full well that continued economic dysfunction suits their political interest, so they have literally no political incentive to make things better. [69], In 2002, following coverage of concerns about deflation in the business news, Bernanke gave a speech about the topic. These are some of our most ambitious editorial projects. [On] the other hand, his forecast was a lot better than Wall Street's in mid-2006. Martin Junior High, and Dillon High School, where he was class valedictorian and played saxophone in the marching band. [67], Bernanke found that the financial disruptions of 1930–33 reduced the efficiency of the credit allocation process; and that the resulting higher cost and reduced availability of credit acted to depress aggregate demand, identifying an effect he called the financial accelerator. During his tenure as chair, Bernanke oversaw the Federal Reserve's response to the late-2000s financial crisis. July 16, 2009. 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. [53] On a second vote to confirm, the 30 dissents came from 11 Democrats, 18 Republicans and one independent. [25][26] Bernanke scored 1590 out of 1600 on the SAT[25][27] and was a National Merit Scholar. That means the Federal Reserve System has to get ahead of the curve and recognize—as the market already has—that levels of the Federal Funds rate that were neutral when the financial system was working normally are quite contractionary today. [39][40] By virtue of the chairmanship, he sat on the Financial Stability Oversight Board that oversees the Troubled Asset Relief Program. But thanks to you, we won't do it again. In a political climate where violence by unhinged individuals isn't unknown, accusing Bernanke of near treason if he orders another round of quantitative isn't exactly the … (See: ", "Lawmakers hit out at Paulson over BofA-Merrill". [15][16], The family moved to Dillon from New York in the 1940s. [39] He held the post until January 2006. Bernanke is particularly interested in the economic and political causes of the Great Depression, on which he has published numerous academic journal articles. NEW YORK (CNNMoney) -- Federal Reserve Chairman Ben Bernanke had an unhappy tea party on Capitol Hill Wednesday. She was Vice Chair of the Fed from 2010 to 2014. [28] He also was a contestant in the 1965 National Spelling Bee. During a speech delivered on April 7, 2010, he warned that the U.S. must soon develop a "credible" plan to address the pending funding crisis faced by "entitlement programs such as Social Security and Medicare" or "in the longer run we will have neither financial stability nor healthy economic growth. "[72], David Leonhardt of The New York Times wrote, on January 30, 2008, that "Dr. Bernanke's forecasts have been too sunny over the last six months. His sister, Sharon, is a longtime administrator at Berklee College of Music in Boston. So when Ben Bernanke sits before the Senate Banking Committee on Thursday, it’ll be far from the lovefest that greeted every Alan Greenspan renomination during the good old days. This disconnect is dangerous. This further hurts the economy, creating a vicious cycle and potentially turning a mild recession into a major depression. When Bank of America CEO Ken Lewis informed Paulson that Bank of America was exiting the merger by invoking the "Materially Adverse Change" (MAC) clause, Paulson immediately called Lewis to a meeting in Washington. The columnist says this raises questions as to whether or not the decision to bail out AIG was necessary. He … Ben Shalom Bernanke[2] (/bərˈnæŋki/ bər-NANG-kee; born December 13, 1953) is an American economist at the Brookings Institution[3] who served two terms as Chair of the Federal Reserve, the central bank of the United States, from 2006 to 2014. )[71], As the recession began in 2007, many economists urged Bernanke (and the rest of the Federal Open Market Committee) to lower the federal funds rate below what it had done. [citation needed] The Bernankes have two children, Joel and Alyssa. Bernanke was born in Augusta, Georgia, and was raised on East Jefferson Street in Dillon, South Carolina. On the ship's manifest, Jonas's occupation is listed as "clerk" and Pauline's as "doctor med". I didn’t leave the Republican Party. ", "Bernanke Says Nation Must Take Action Soon to Shape Fiscal Future", Lowenstein, Roger (Jan. 20, 2008). On August 25, 2009, President Obama announced he would nominate Bernanke to a second term as chairman of the Federal Reserve. These are the core obsessions that drive our newsroom—defining topics of seismic importance to the global economy. "[22] Once Bernanke was at Harvard for his freshman year, Fellow Dillon native Kenneth Manning took him to Brookline for Rosh Hashanah services. [74], In an October 2014 speech, Bernanke disclosed that he was unsuccessful in efforts to refinance his home. In June 2005, Bernanke was named chairman of President George W. Bush's Council of Economic Advisers, and resigned as Fed Governor. At the meeting, which allegedly took place on December 21, 2008, Paulson told Lewis that he and the board would be replaced if they invoked the MAC clause and additionally not to reveal the extent of the losses to shareholders. [62] In a speech on Milton Friedman's ninetieth birthday (November 8, 2002), Bernanke said: "Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. [11] Bernanke has two younger siblings. Lewis told the panel that authorities expressed "strong views" but said he would not characterize their stance as improper. Sponsored Links Ben Bernanke, former Bush appointee to Federal Reserve Chairman and former Princeton Economics professor slammed modern Republican economic policies in his new memoir. 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. [43] In a short statement on Martha's Vineyard, with Bernanke standing at his side, Obama said Bernanke's background, temperament, courage and creativity helped to prevent another Great Depression in 2008. [77] In the same month it was revealed that Bernanke would also join Pimco as a senior advisor. [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". He said "The U.S. government has a technology, called a printing press (or today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at no cost. Reply #1 Oct. 4, 2011 - 12:29 PM EST ... our middle class tax base is decimated by economic policies of Obama and Bernanke. [35], In 2009, The Wall Street Journal reported that Bernanke was a victim of identity theft, a spreading crime the Federal Reserve has for years issued warnings about.[36]. He also served as chairman of the Federal Open Market Committee, the System's principal monetary policy making body. Political party: Republican Party (until 2015) Independent (2015–present) Spouse(s) Anna Friedmann: [10], Jonas Bernanke was born in Boryslav, Austria-Hungary (today part of Ukraine), on January 23, 1891. 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. Back then, he resisted calls for further interest rate increases because he thought the economy might be weakening. [56], Congressional hearings into these allegations were conducted on June 25, 2009, with Bernanke testifying that he did not bully Ken Lewis. Such news was inevitable, but the New York Times reported last week that former Fed Chairman Ben Bernanke’s has retired into a series of highly-paid … The seductive appeal of the nerd is their promise of objectivity, their apparent freedom from political bias. But Bernanke has been identified by The Wall Street Journal and a close colleague as a "libertarian-Republican" in the mold of Alan Greenspan. [68] Economist Brad DeLong, who had previously advocated his own theory for the Great Depression, notes that the global financial crisis of 2008–2009 has raised the pertinence of Bernanke's theory. “[T]he increasing hostility of the Republicans to the Fed and to me personally troubled me, particularly since I had been appointed by a Republican president who had supported  our actions during the crisis. 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. Senators from both parties who support Bernanke say his actions averted worse problems and outweigh whatever responsibility he may have for the financial crisis. In a footnote to his speech, Bernanke noted that "people know that inflation erodes the real value of the government's debt and, therefore, that it is in the interest of the government to create some inflation. Bernanke's critics have since referred to him as "Helicopter Ben" or to his "helicopter printing press." We're very sorry. Economics on monetary theory and policy it to himself from 11 Democrats, Republicans! Under his guidance, the Fed lowered its funds interest rate from %... Judgment. `` is a longtime administrator at Berklee College of Music in Boston coffee.. 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