So, my take on Bernanke is that 1) He's not terribly sharp, 2) there's nothing in his academic writings which would suggest he wouldn't be opposed to aggressively expansionary monetary policy at this point, and 3) he's got all kinds of inflation-hawks whispering in his ear at the FOMC.
And yet, Obama has two Fed appointments to make. Why not, y'know, use those for appointments who are not inflation-crazies? I suspect Bernanke is quite likely to be influenced by cooler heads, so this could actually help the situation quite a bit.
But, what is Obama's Economic Team doing about those appointees? Nothing. There is one thing the administration could do with the potential to help the economy, and improve the election climate for next fall, and they aren't doing it.
Fire Larry Summers now.
Dan Kervick: Reserve Balance Misconceptions
1 hour ago