The Fed Gets It. And What Was the Best Thing Bush Did?

Greatly relieved that the Fed didn't raise rates today and doesn't seem inclined to. Inflation feels like the last thing to worry about now when the economy is so weak. Yes, there's more reason to worry about inflation in the years ahead--commodity shocks and big spending could bring inflation back. But inflation scaremongers have been worried about its return in a serious way since the 70s and early 80s, and those were exceptional times. Bernanke hasn't done everything right. I think he was too late to the housing crisis and too slow to cut rates initially. But when the crisis came, he was innovative to say the least. Any doubt that his appointment was the best thing George W. Bush did in office? In fact, I ask you: What was the best thing Bush did in office?

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Matthew Cooper is a managing editor (White House) for National Journal.

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