Jenkins: Too Bernanke To Fail?

Image by Getty Images via Daylife

By HOLMAN W. JENKINS, JR

Last week's show trial of Ben Bernanke, like all show trials, was less about convicting a man than about upholding a view of reality. An unspoken concordat authorized both parties to take refuge in their tropes. Republicans labored to portray Mr. Bernanke as a high-handed government bureaucrat, dictating terms to a private sector CEO.

Democrats wafted along on their preferred trope, the scheming businessman (Bank of America's Ken Lewis) extorting a bailout from the Federal Reserve.

Edolphus Towns, chairman of the House Oversight Committee, did his bit to frame the choice of bogus narratives, saying BofA's controversial Merrill Lynch acquisition was a shotgun wedding and all that remains is to find out who was "holding the shotgun."

Jenkins: Too Bernanke To Fail? - WSJ.com

Related articles by Zemanta

• Bernanke defends Fed on bank deal (news.bbc.co.uk)