On a side note – and I can’t believe I’m typing this – I’m actually somewhat optimistic regarding Bernanke’s handling of his end of things.
Yeah, he totally missed the housing bubble. (Doh!!) Yeah, he was a part of Greespan’s Fed that lowered rates too much and did various and sundry other damage. (Double Doh!!) In other words, this guy’s stock is in the shitter, big time. I don’t think he can look any more the Economist Assclown.
But… I think I understand a little bit about this guy’s personality. He was always Mr. Smartypants. Always had the answers. Worked his ass off. Didn’t make a lot of money, but took his payment in psychic income: respect. Now he realizes he was part of a Major Fuck Up. And there’s nowhere to hide. So, what’s he going to do? He’s going to work his ass off to rebuild his reputation – 10x harder than he’s ever worked before. And in a bizarre way, despite the fact that he was part of the Problem(s), I want a guy at the helm who’s been taken down a few notches and has something to prove. Whose only currency his whole life has been respect, and now it’s swirling down the toilet. This guy is gonna fight. We may question some of the unorthodox ideas he comes up with, but at the end of the day I bet he does more good than harm going forward. It’s a pure contrary opinion.
Everybody hates Bernanke and thinks he’s an idiot. (When he was named Fed Chairman I said, “Oh shit. THAT guy? Gimme a break!”) I’ve gotta take the other side of that trade at this point. Geitner… eh… not so much. That may be inconsistent, but something about Geitner unnerves me. I can’t explain it.
