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December 13, 2011

Bernanke's Legacy at Fed: Still a Lagging Indicator .

“Mr. Bernanke, who turns 58 on Tuesday—which is also the Fed’s last policy meeting of the year—is entering what are likely to be the final, critical stages of his own deployment as head of the central bank. His second four-year term ends in January 2014, leaving him two years to finish the job. Many friends and colleagues say they doubt he would want a third term. Republicans have promised to retire him. GOP presidential candidate Newt Gingrich wants to fire him.’

“Mr. Bernanke, an economic historian before taking up public service, cares more about his longer-term legacy than about his legions of critics. But after 10 years in Washington, six years at the helm of the Fed, his record is mixed, his legacy incomplete.”

“The Fed, under his leadership and earlier, failed to see the financial crisis coming. Once it struck, Mr. Bernanke acted boldly to soften its blow and may have prevented a repeat of the Great Depression. He played a central role engineering a recovery, but its progress has so far been disappointing.”

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