Is Ben Bernanke a “Hero”?

Recently various people have given high marks and effusive praise for Ben Bernanke’s performance during the Financial Crisis.  Here is a sampling:

“Bernanke’s Handling of US Crisis Gets Strong Mark” :


From Jack Welch:

“I think he saved the system, I think he’s a national hero,” Welch said. “I think Bernanke seems to be a guy operating on a clear intellectual framework. This guy’s done a hell of a good job.”


Attributed to Abby Joseph Cohen:

“She also said that history is likely to show that Fed Chairman Ben Bernanke has been an “extraordinarily effective” leader during the current crisis, the worst U.S. recession since World War Two.”


From Warren Buffett:

“The urgency has moved away from a total meltdown of the financial sector which we faced last fall.  I’ve never seen anything like that.  But I would give enormous credit to the people there.  (Federal Reserve Chairman) Bernanke did a fabulous job.”


There are other examples as well.  I could comment extensively regarding this praise and “high marks” for Bernanke, and might do so in the future.

However, for now perhaps the main question that comes to mind is whether by commenting in this fashion these people are presupposing that The Financial Crisis is over and that we are indelibly on the road to recovery?

SPX at 918.90 as this post is written