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Federal Reserve Chairman Ben Bernanke “is a math teacher, he’s not a central banker,” former White House Budget Director David Stockman scoffs. “He is so caught up in his equations that I think he’s extremely dangerous—the worst Fed chairman we’ve ever had.” In the flat, dry accents of the Michigan farm boy he once was, Stockman tells me: “How can he believe that stimulating more credit creation and more borrowing can possibly solve the problem of a housing sector that’s drowning in debt and a federal government that’s on the edge of insolvency?.
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