Ben Bernanke, Missing In Action

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Brad DeLong is perplexed:

One of the puzzles of the Obama administration that I have absolutely no read on is the reappointment of Ben Bernanke. When Obama reappointed Ben Bernanke I was sure — and I had reason to be sure — that the Ben Bernanke they were reappointing was the academic I knew well, “Helicopter Ben,” the intellectual advocate of much more aggressive policy responses to the collapse of the real-estate bubble in Japan in the 1990s.

Obama would, after all, have to be a complete idiot to appoint somebody who did not view the world the way Ben-Bernanke-the-academic had viewed it in the late 1990s, and who had not assured him that he did still view the world the way he had viewed it in the 1990s.

So huh?! What happened?

Perhaps this is the result of too many trips to Jackson Hole, where private conversations with the great and good can too easily convince you that the great and good all agree with you in their heart of hearts. But in August 2009, if you were someone who had never met Ben Bernanke, who had never been to Jackson Hole, who had never spoken privately with anyone of consequence in the economic community — in short, if all you had to go on was Ben Bernanke’s public actions and public statements — I think you would conclude that he thought the economy was on the mend and had no intention of lighting his hair on fire over minor things like sky-high unemployment and trillion dollar output gaps. You would also, I think, conclude that he was still the same laissez faire Republican economist he has always been and had no real desire to seriously re-regulate the financial sector even after the biggest financial meltdown since 1929.

And guess what? You would have been right. I’d say that about 90% of the time, public actions and public statements are more reliable guides to reality than all the private conversations in the world. Unfortunately, the other 10% of the time they aren’t, and that 10% tends to be fairly dramatic. So, like a gambler who gets a big payoff just often enough to keep him at the table, we continue to be suckered by what we think is inside knowledge. Just human nature, I suppose. Maybe I should add it to my list.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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