I'm sure that Ben Bernanke is working as hard as he can to try to pull the economy out of the recession. However praiseworthy this effort is, it is important to remember that we are largely in this mess because of the earlier failings of Bernanke and his colleagues on the Federal Reserve Board. If they had acted in 2002, 2003, or even 2005 to stem the growth of the housing bubble, instead of publicly insisting that no bubble existed and applauding the strength in the housing market, the downturn would not have been anywhere near this severe. Tens of millions of victims of Mr. Bernanke's mistake have lost their life's savings and/or their jobs. It would be appropriate for reporters to keep these facts in mind when reporting on Mr. Bernanke's job performance.
--Dean Baker
