Thursday, June 25, 2009

A Ricky Ricardo Moment

Fed chair Ben Bernanke gets the Tenth Degree up on Capitol Hill today about the B-of-A/Merrill-Lynch deal. Of it, Megan McArdle at The Atlantic has this to say:

I'm on the record as thinking Bernanke has done a pretty good job in a pretty scary crisis. Nothing I've heard recently has changed my mind on that. However, I have to say, watching his testimony to Congress today, I suspect that he's not going to be reappointed when his term ends next year. Whatever happened between him and Paulson and Ken Lewis, he is now giving a very good impression of someone who is lying. And Congress wants someone to blame. Besides, firing Bernanke lets Obama portray all of the failures of this year as Bush errors in policy or appointment.

That would certainly fit the President's MO. As best I can tell, nothing bad happened prior to the election of George W. Bush in 2000 and nothing could possibly go wrong now that he's out of office. This despite the fact that President Obama has 6-months worth of fingerprints on public policy and the US economy; most famously the Ginormous Stimu-palooza that was going to save us from double-digit unemployment once passed.

The President's rhetorical skills not withstanding, he will sooner rather than later own US Foreign policy and the economy as well. What will he say then?

Me thinks he'll have an awful lot of 'splainin to do...

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