Bernanke and History

the WSJ presents Five takes, three positive and two negative. Michael Bordo writes,

During the Fed’s first 100 years, it has shifted gradually from being a banker-run to an economist-run central bank, culminating in Ben Bernanke’s assumption of the chairmanship in 2006. His appointment promised to bring the academic rigor of modern monetary economics to the chairmanship. Bernanke’s research, advocating greater transparency and better communication to enhance the central bank’s credibility, augured well for continuing low and stable rates of inflation.

Bordo’s take is negative. I have to say that I cannot agree that Bernanke made the Fed an economist-run central bank. During the crisis, it seemed to me to be a banker-run central bank.