Brave Thinkers

More
Illustration by Quickhoney

Name: Ben S. Bernanke
Job: Chairman of the Federal Reserve
Why he’s brave: His radical interventions may have saved the day.
Quote: “There were many people who said, 'Let them fail. It’s not a problem. The markets will take care of it.' And I think I knew better than that.”


The political focus on the federal stimulus package and Bernanke’s own professorial mildness have deflected attention from how radically the Fed chief has acted. He dropped target interest rates to near-zero for the first time in history; made trillions of dollars in government cash available to financial institutions; expanded the Fed’s lending and relaxed its collateral requirements; bought up billions of dollars in securities backed by consumer debt and mortgages; prevented the collapse of AIG, Fannie Mae, and Freddie Mac; and somehow found time to bear the made-for-TV harangues of financially illiterate members of Congress. The particulars of the Fed’s interventions remain lamentably shielded from oversight. But in the Great Recession, Bernanke’s forceful approach may have spared the world from a true nightmare.

Jump to comments
Presented by
Get Today's Top Stories in Your Inbox (preview)

Sad Desk Lunch: Is This How You Want to Die?

How to avoid working through lunch, and diseases related to social isolation.


Elsewhere on the web

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register. blog comments powered by Disqus

Video

Where Time Comes From

The clocks that coordinate your cellphone, GPS, and more

Video

Computer Vision Syndrome and You

Save your eyes. Take breaks.

Video

What Happens in 60 Seconds

Quantifying human activity around the world

Writers

Up
Down

More in National

More back issues, Sept 1995 to present.

Just In