Commentary: Paul Krugman wants Bernanke to have a second term. He admits that Krugma has become complacent, looking at this financial crisis through the eyes of the bankers, but yet, should Bernanke not be re-appointed, “replacing him with someone less established, with less ability to sway the internal discussion, could end up strengthening the hands of the inflation hawks and doing even more damage to job creation.”
Krugman is the Fed’s greatest apologist. He believes the Fed simply has not done enough. He wants immediate recovery and printing more money, lots and lots of it is the solution. What Krugman will perhaps never understand is that after an earthquake, we re-think how to better re-build. My suggestion: End the Fed! Let’s start over!