The Legacy of Ben Bernanke

History will credit the Fed chairman with preventing a second Depression
Illustration by Bloomberg View

In a speech celebrating the Federal Reserve’s 100th birthday, Chairman Ben Bernanke said one of the central bank’s greatest strengths is its willingness “during its finest hours” to stand up to political pressure and make tough decisions. As a reminder that those pressures aren’t new, Bernanke keeps in his office one of many two-by-fours that construction industry workers mailed to Paul Volcker to protest the former Fed chairman’s double-digit interest rates.

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