Ben Bernanke is a well-known name in US history. He became Chairman of the Federal Revenue System on 1 February 2006 by replacing Alan Greenspan. Two years later, he faced the worst financial crisis in the USA economy history. As a chairman, Ben Bernanke received a lot of criticism due to his unwise decision for an economy that hardly survived most of the time behind the wheels.
Congress appointed Bernanke as a chairman due to his knowledge about monetary policy during the great depression. He served the office until January 2014. Here in this article, we will tell you some surprising facts about Ben Bernanke’s life as a federal chairman and some fun facts about ben Bernanke, who had the most powerful job in the world. Keep reading if you want to know more about this economist.
Ben Bernanke Facts
1. Ben Bernanke had an impressive educational career
He was raised in Dillon, South Carolina. Ben was a man of great talent, and at the age of 11, he showed his talent when he achieved a state spelling bee. He had the highest SAT score in South Carolina and got a graduation degree in economics from Harvard University in 1975, an interesting fact about Ben Bernanke.
Afterward, in 1979, Bernanke got a Ph.D. degree in economics from the Massachusetts Institute of Technology.
2. Ben Bernake served as Economics Professor in renowned universities of the US
Ben Bernanke’s life is full of success and achievements, and every institution desired the services of this economic expert. As an economics professor, he served the Princeton University and Stanford University. Furthermore, he also served the MIT and New York University as a visiting professor.
3. Ben Bernanke won the “Person of the Year” title by Time Magazine
He was associated with the Federal Reserve Board of Governors in 2002. He was appointed as Chairman in 2006. Besides, he was also appointed the Chair of the Presidential Council of Economic Advisers in 2005. Ben also won the title “Time Magazine person of the year “in 2009, a fun fact about Ben Bernanke.
4. Ben Bernanke helped save the Global Economy
Ben Bernanke is considered a vital figure of the US economy. No one could earn that place as Bernanke. As a fed chair, he was responsible for designing and implementing the monetary policy of the U.S economy. When it became worst and fiscal policy was going hamstrung by the national debt, then all eyes were seeing towards Ben Bernanke. According to a spokesperson, Bernanke’s word swayed the stock market and value of the dollar. He was not only a country premier economic expert but an essential person in the global economy.
5. Bernanke’s mom used to worry about his driving
This fact might be surprising to you about this finance expert, but it is reality. Bernanke’s mother, Edna, was always worried about Ben’s driving. She was frightened because he had not driven once his car in eight years. At the age of sixty, she feared and said Ben might have forgotten how to handle behind the wheel.
6. Ben Bernanke used the fake name Edward Quince
Bernanke used name Edward Quince in his mails as a fed chair instead of his original name. In Fed’s phone book, this name was saved because he knew if he used his real name in emails, he would be inundated, a fun fact about Ben Bernanke.
People asked used to ask if it had some special meaning. The reality is that it is a code name that he took from an IT guy.
7. Ben Bernake managed to maintain stable Interest rate over six years
During his tenure as Fed Chairman, interest rates of the country did not increase in six years. After taking charge of the office, interest rate only raised a few times and topping out at 5.25% before holding at 0.25% for more than three years. It is shocking for everyone because zero interest rates are harmful to the economy of the country. Still, it went into the favor of the country and encouraged the loans for small businesses.
8. Ben Bernake was surprised by the metabolism of his colleague, Tim Geithner
During the financial crisis, Bernanke worked along Timothy Geithner. He distinctly recalls Geithner’s powerful metabolism.
Ben writes, during fed committee meeting breaks, Tim inhaled the doughnuts but notwithstanding remained slim, and Tim’s ability and energy to work for long hours always surprised me.
9. Bush used to pull the fashion prank on Ben
When Ben Bernanke was serving at White House Council of Economic Advisers, once Bush stopped a meeting in a mid and walked over to Bernanke. Bush picked up his pant leg. He was wearing a dark suit with tan socks. President Bush told him that White house has its standards. He said to the president, he got a good deal for tan shocks at the Gap, so he purchased four pairs for $10.
The next day, everyone came with tan socks except Bernanke at Oval office meeting. Bernanke writes, Bush pretended that he did not see, but he burst out laughing, an interesting fact about Ben Bernanke.
10. Ben Bernanke’s policies also faced a lot of criticism
In spite of being a well-renowned economist, many economists and legislators criticized Ben for his decision in the economy. He was criticized for injecting trillions into the economy, which expanded the debt, and triggering inflation. Besides, he faced severe criticism for not exposing the identities of the banks who received $2 trillion in TAF loans. During his second term in January 2010, some legislators were not in favor of his reappointment as chairman of federal revenue, an interesting fact about Ben Bernanke.
To conclude, Ben Bernanke’s name will always be remembered in the US history for his services as Fed chairman. He held the country’s economy during the great depression and prevented the second great depression. Ben stopped the global depression in the early stages of the banking crisis by introducing innovative Fed tools. Furthermore, he was the man who introduced the new rules of the Fed, such as bailing out Bear Stearns. He was the most important economic figure in the United States as well as in the global economy during his tenure as Fed Chair.
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