In March, 2008 when Bear Sterns collapsed Ben Bernanke opened the Fed’s discount window with cheap loans to noncommercial banks like Goldman Saks and Morgan Stanley.  Then after Lehman Brothers went broke in September, 2008 Ben created a $700 billion Troubled Assets Relief Program (TARP) that kept the banks alive.   In December, 2008 Ben cut interest rates to near zero.   This was before Obama was inaugurated.  To hold off a new recession, Ben eased monetary policy three times (QE1, QE2, QE3) by buying trillions in government held mortgages and bonds.  The only thing Obama was asked to do to  get the economy to snap back was to create conditions for this to happen – which never did happen.  We will remember  Ben as the person who saved the country –  Obama does not deserve any credit for this.

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