Ben Bernanke is currently serving in his second term as the Chairman of the Federal Reserve; he has held this position since 2006. Bernanke has had several different types of positions throughout his life from academic to government. He held the title of a professor at Stanford University of Business from 1979 to 1985, he also taught at New York University. He moved from a visiting professor at New York University to a tenured professor at Princeton University. He held the position as a chair of the Department of Economics at Princeton University from 1996 until 2002 when he was appointed as a member of the Board of Governors of the Federal Reserve System. Held held that position from 2002 until 2005. In 2005 he became that Chairman of President Bush’s Council of Economic Advisors and then landed his current position as the Chairman of the Federal Reserve.
Barnanke whom was born December 13, 1953 in Augusta, Georgia has shown that he is a pillar to the economy. It is believed that because of his economic involvement that he helped save the United States from another Great Depression in 2008 when the economy started to plummet. One of Barnanke’s biggest economic interests has been the Great Depression in the 1930’s, for which he has done some considerable research and writings on what he believes were the problems in the economy that lead to the Great Depression. Another economist that shared this interest was Milton Friedman, Barnanke agreed with Friedman about the Federal Reserve cutting the money supply being an issue that helped cause the Great Depression. President Obama nominated Barnake for his second term as the Chairman of the Federal Reserve because he was said to have kept us from another Great Depression. Barnanke won and continued on to start another term, even though he didn’t get as much approval as he thought because he is being viewed as supporting issues that looked bad for the Federal Reserve such as the AIG bailout even after members of his staff told him that it wasn’t a good idea. The bailout of AIG was a slap in the face to everyone supporting the bailouts to strengthen the economy because of the high bonuses that were given out to the higher employees that were not necessary. A writing that made an impact on Bernanke’s career was a speech entitled “Deflation Making Sure It Doesn’t Happen Here.” In this speech he said “people know that inflation erodes the real value of the government’s debts and, therefore, it is in the interest of the government to create some inflation” I think that in this statement he was implying that the government is poor and is trying to build itself up by causing inflation.
The Essay on Depression Of Holden Canfield
The Catcher in the Rye, by J. D. Salinger, portrays Holden Caw field a New York City teenager in the 1950's as a manic-depressive. The depressions of Holden start with the death of his younger and beloved brother Allie. Holden is expelled from numerous schools because of his bad academic work which is caused by his depression. Additional to his manic depression, Holden is also a big lyer, and very ...