This morning’s Gartman Letter was a bit abridged due to power outages at his office, but nonetheless, he managed to squeeze out a page worth of praise on Ben Bernanke and his job handling the financial crisis.
Moving on, much was made late last week of the problems in Dr. Bernanke’s reappointment to head the Federal Reserve Bank, with the market filled with the ill-advised notion that he would not be re-appointed through the Senate.
We may have small disagreements with some of the policies that the Fed has followed in the past two years, but we shall mince no words at this point, noting that what Dr. Bernanke did to force feed the banking system with liquidity back in the autumn of ’08 when it appeared that the US’ and the world’s banking systems were on the verge of total collapse into some “Black Hole” of bank runs and confusion was beyond laudable; it was heroic. He was the man for the job at the time, having written his dissertation on the Depression. He vowed not to allow the US banking system… and by extension the global banking system… to founder on illiquidity.
Better it was to over-liquefy rather than to under, and for that alone he deserves re-appointment. Let our friends on the very Far, black-helicopter Right take issue with what he did. In our opinion, he saved the world’s banking system from a plunge into chaos.
Business Insider Emails & Alerts
Site highlights each day to your inbox.