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Bernanke's trillion-dollar decision
Ms Sans Serif
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link to www.politico.com
The biggest decision of the economic recovery will be made in the next six months, and Barack Obama will have almost nothing to do with it.
Forget the debate over TARP, and never mind the questions about a second stimulus. This decision is about when to pull out $1 trillion thatís propping up the U.S. banking system. And it will be Federal Reserve Chairman Ben Bernanke and his Fed colleagues who make the call.
Thatís hard enough for a White House that knows its political fortunes rise and fall with the economy.
Whatís worse is that Bernanke and Obama Ė like many presidents and Fed chairmen past Ė wonít necessarily have the same goals for this trillion-dollar decision.
Fed chiefs worry about inflation. Bernanke wants to take the money out quickly enough to prevent the economy from overheating and causing a jump in prices that strangles growth. But move too fast, and the economic recovery runs out of fuel.
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Gonna get interesting really soon..........
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