Bernanke

It is too soon to declare that the threat of depression has passed, but not to conclude that Mr Bernanke’s academic background, which seemed a liability at the start of his tenure, has proved his greatest asset. His so far successful handling of the crisis reflects not just what he learned about the Depression, but what other economists have learned from studying crises—as demonstrated by the similar strategies other central banks have taken. A political neophyte compared with his predecessor, Alan Greenspan, Mr Bernanke made that a strength when he pleaded with politicians to bail out the system. “I’m a college professor,” he told Congress as it debated the $700 billion Troubled Asset Relief Programme. “I never worked on Wall Street… My interest is solely for the strength and the recovery of the US economy.”