“Technically Incompetent” NY Fed Examiner of Biggest Banks Pre Crisis Promoted for Blowing Up the Economy

by Yves Smith from Naked Capitalism. Although the whole article may not be worth your time, she starts it off with a great, insightful quote: 

We pointed out that reappointing Ben Bernanke as Federal Reserve chairman would be inconceivable in the private sector, since CEOs who preside over disasters are dismissed (captains have the good taste to go down with their ships).

But of course, Bernanke is a failure only if you believe that the Fed’s official mandate – soundness and stability of the banking system, full employment and price stability – is the real one. But if you think his job, like that of Soviet apparatchiks, is to preserve the existing order, no matter how rotten it and its incumbents are, then he has succeeded admirably.