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Essay / Research Paper Abstract
This 3-page paper discusses whether Federal Reserve Chairman Ben Bernanke's performance has been effective or not.
Page Count:
4 pages (~225 words per page)
File: D0_MTbbernank.rtf
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Unformatted sample text from the term paper:
blame. The Federal Reserve, after all, is responsible, in part, for ensuring that the currency flows throughout the system while promoting stability of the financial system. But in the wake
of all the investment bank failures, including investment banks Bear Stearns and Lehman Brothers, and federal savings bank IndyMac Federal Bank, Bernanke has received his share of criticism for not
providing better oversight of the economy and for not taking a more "aggressive" stance in the face of the huge slump. While its true that Bernanke had kept on the
free-market policies of his predecessors Alan Greenspan (which was, in a nutshell, that the government needs to keep hands off the economy and let the free market operate unfettered), Bernanke
has been far from passive in the face of the current crisis. Unlike predecessor Alan Greenspan, Bernanke doesnt weigh in on fiscal decisions, pointing out that the Feds purpose is
that of regulating money and banks, not weighing in on political policies regarding taxes or tax cuts. But these days, Bernanke is facing uncharted waters. The current economic crisis, the
result of extreme devaluation of housing, combined with a huge rate of foreclosures, a recession and frozen credit markets, doesnt have any precedent. Certainly, financial derivatives, commercial mortgage backed securities
and the slicing and dicing and following sale of those securities to other institutions worldwide occurred on his watch (as it did on Greenspans). And he probably should have foreseen
that the housing crisis would trigger some pretty far-reaching consequences. And the Fed generated a huge amount of controversy for its financial backing of JPMorgan Chases takeover of Bear Stearns
and its bail-out of international insurer American International Group (AIG) while leaving Lehman Brothers to fail. Granted, these are untraditional methods. But then again, this recession is an untraditional one
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