By John Tamny of Forbes
The great economist Henry Hazlitt once observed that “Economics is haunted by more fallacies than any other study known to man.” Were Hazlitt alive today, he surely would have a field day addressing the numerous economic fallacies offered up by our very own Federal Reserve Chairman, Ben Bernanke.
From his frequent assertions that economic growth is the cause of inflation, to his support of spending “stimulus” as though wealth redistribution actually drives economic activity, to his belief that simple money creation enhances the economy, it’s fair to say that the world’s most powerful central banker buys into a quite a few of these fallacies. Historians will write volumes on former President George W. Bush’s biggest mistakes in office, and while the left and right will have plenty to work with, it’s likely that for some at least, Bush’s appointment of Bernanke will loom large.
Ben Bernanke Is a Walking Economic Fallacy
Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
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