Yeah, so apparently the folks on the Nobel committee know absolutely nothing about economics.
Ben Bernanke. The guy who was in chair of the Federal Reserve under Obama as the Great Recession happened?
This guy is an economic hero?
From the Wall Street Journal:
Announcing the prize, Stockholm University economist John Hassler said their research had proved invaluable during the 2008 crisis, which brought the global financial system to the brink of collapse.
"The laureates' work turned out to be important to understanding the crisis," Mr. Hassler said. "The measures that were undertaken rest on the ideas that we recognize today."
He's getting his Nobel Prize for work done in 2008? They are seriously claiming that his response to the recession is what kept the financial system afloat?
Here's this same guy in 2007, right before the housing crisis:
He acknowledges the reality of the crisis in the subprime mortgage crisis, but still believed that the damage to the overall economy was contained. No big deal.
Cut to the worst economic recession, at least, since Jimmy Carter.
This guy is not an economic genius. He's just an economic leftist.
More from the Journal:
Historians now credit Mr. Bernanke for averting an economic calamity by quickly devising aggressive new monetary policies — rock-bottom interest rates, loans to banks and controversial bond-buying programs — during and after a financial crisis that started in 2007 and spanned nearly two years.
His mantra became that he would do "whatever it takes" to prevent an economic collapse, and in many respects he did. A recovery began about two years after the panic started and became the longest expansion in U.S. economic history.
But the slow recovery and unpopular bank bailouts made Mr. Bernanke a lightning rod for criticism, especially from his own Republican Party.
He's getting the award because he bailed out these banks.
And I'm pretty sure left, right, and center were ALL critical of these bank bailouts.
People who know economics know that Bernanke belongs nowhere near this prize.
But it's no surprise, the Nobel Prize has been a joke for quite some time.
And remember when Barack Obama got the Nobel Peace Prize just for the hype around being elected and then went on to drone strike a bazillion people?
Winning a Nobel Prize is almost an embarrassment at this point!
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